Intro to AML/CTR

Last week, AUSTRAC CEO – Brendan Thomas had the pleasure of opening the Financial Integrity Week, hosted by Macquare University’s Financial Integrity Hub.  In his opening address, he emphasised that financial crime in Australia is a growing, multi-billion-dollar threat impacting the economy, institutions, and national security. Far from being abstract, it is enabled by financial systems that industry, regulators, and researchers collectively design and operate—making shared responsibility unavoidable. He highlighted uncomfortable truths, including how legitimate sectors can indirectly benefit from illicit activity, using the illegal tobacco trade as an example. 

The speech underscored a major shift in the nature of crime: criminal networks are increasingly adaptive, technologically advanced, and globally connected. Innovations such as crypto ATMs are being rapidly exploited, enabling fast, irreversible transactions that fuel scams and fraud. Similarly, illicit markets like tobacco are expanding into highly organised, scalable criminal enterprises. 

Money laundering is no longer just a supporting activity but a professionalised service operating across borders, exploiting regulatory gaps and fragmented systems. In response, the CEO called for stronger alignment across public and private sectors, moving away from rigid compliance models toward agile, risk-based approaches focused on the highest harms. 

He stressed the need for end-to-end strategies—prioritising prevention, early disruption, and collaboration alongside enforcement. Public-private partnerships, data sharing, and joint analytics were identified as critical to staying ahead of evolving threats. With rapid technological change on the horizon, including AI and new financial models, he urged continuous innovation, testing, and research. 

The closing message was clear: collective action, practical ambition, and willingness to adapt are essential to making it harder for criminals to operate at scale. 

To read the full speech it is available here - Opening Speech - Financial Integrity Hub