The Australian Transaction Reports and Analysis Center (AUSTRAC) has released four new ML/TF risk assessments for the Australian banking sector. These assessments present a financial crime threat analysis for four categories of banks operating in Australia: major banks, other domestic banks, foreign subsidiary banks and foreign bank branches.
The ML/TF risk ratings for the foreign subsidiary banks and foreign bank branches are medium. However, major banks and other domestic banks are at a high risk of ML/TF.
AUSTRAC performed these assessments in collaboration with the Australian banking sector, State and Commonwealth regulatory and law enforcement agencies. The risk assessments will serve as a guidance for the banking sector to identify criminal threats and vulnerabilities.