Tag: AUSTRAC

AUSTRAC (Australian Transaction Reports and Analysis Centre) is Australia’s national financial intelligence unit (FIU) and primary anti-money laundering and counter-terrorism financing (AML/CTF) regulator. Established in 1989, its crucial dual role is to detect, deter, and disrupt criminal abuse of Australia’s financial system, safeguarding both the economy and the community from serious and organized crime.

AUSTRAC achieves this by collecting and analyzing vast amounts of financial transaction reports and suspicious matter reports (SMRs) from over 17,000 regulated businesses, including banks, remittance providers, casinos, and significantly, digital currency exchanges. This intelligence is then shared with domestic and international law enforcement and national security agencies. For any financial entity, including those in Surat engaging in cross-border transactions with Australia, adhering to AUSTRAC’s stringent AML/CTF obligations, particularly KYC (Know Your Customer) and reporting requirements, is paramount to ensure compliance and prevent financial crime.