Financial Intelligence Unit (AUSTRAC)
AUSTRAC is the Financial Intelligence Unit in Australia, responsible for investigating and prosecuting financial crimes. They investigate, monitor and take action on malpractice and criminal activity around organized crime, tax evasion, terrorism financing and money laundering.
They have several goals including analysis and intelligence monitoring and sharing, providing education for the financial services industry and offering insight on how terrorism is enabled and financed.
AUSTRAC ensures that Australian financial service providers, including money transfer services, meet anti-money laundering, counter-terrorism and general finance regulations.
All international currency exchange providers must supply certain information to AUSTRAC for all money transfers. This will typically include the individual or organization initiating a currency exchange and the intended recipient.
Financial Intelligence Unit (AUSTRAC) — Related terms
AUSTRAC is related to the Australian Securities and Investments Commission (ASIC).
The Monito Glossary
When it comes to moving money, don't let yourself be bogged down by all the jargon. Explore The Monito Glossary to get up to speed with everything you need to know about money transfers.
Why Trust Monito?
You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.
![]()
Monito is trusted by 15+ million users across the globe.
![]()
Monito's experts spend hours researching and testing services so that you don't have to.
![]()
Our recommendations are always unbiased and independent.
