AUSTRAC Names AI and Crypto as New Laundering Layers Seven Weeks Before 80,000 New Firms Enter Regime (opens in new tab)

Australia's financial intelligence unit yesterday (Tuesday) published three companion documents to its 2024 national risk assessments, naming artificial intelligence and virtual assets as new accelerants reshaping money laundering, terrorism financing and proliferation financing.The release lands seven weeks before tranche 2 obligations under the reformed Anti-Money Laundering and Counter-Terrorism Financing Act take effect, sweeping an estimated 80,000 to 90,000 new entities into AUSTRAC's p...