Financial Intelligence Unit (AUSTRAC)

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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).

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