It is vital to understand the beneficial owners of your customers, so you can protect your business from being exploited for criminal gain. AUSTRAC has prepared this summary of your beneficial owner identification obligations, to help you comply and be confident of who you are really doing business with.

This is the third report into Australia's major banks.

This regional risk assessment was coordinated by AUSTRAC, Bank Negara Malaysia and Indonesia’s financial intelligence unit Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK). It examines terrorism financing (TF) risks facing non-profit organisations (NPOs) in Australia, New Zealand and South-East Asian countries.

AUSTRAC assessed the overall ML/TF risks associated with remittances sent through remittance providers from Australia to Pacific Island countries as low. This was based on the low level of criminality associated with these remittances and the generally low value of remittances being sent to support family and communities in the Pacific.

The Australian Prudential Regulation Authority (APRA) has announced its assessment on the additional capital required for the Australian banking sector to have capital ratios that are considered ‘unquestionably strong’.