{"id":897052,"date":"2026-04-05T09:18:28","date_gmt":"2026-04-05T14:18:28","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2026\/04\/05\/austrac-ceo-warns-of-regulatory-action-if-firms-dismiss-new-aml-rules\/"},"modified":"2026-04-05T09:18:28","modified_gmt":"2026-04-05T14:18:28","slug":"austrac-ceo-warns-of-regulatory-action-if-firms-dismiss-new-aml-rules","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2026\/04\/05\/austrac-ceo-warns-of-regulatory-action-if-firms-dismiss-new-aml-rules\/","title":{"rendered":"AUSTRAC CEO warns of regulatory action if firms dismiss new AML rules"},"content":{"rendered":"
\n

\"Brendan<\/p>\n

Brendan Thomas. Source: LinkedIn<\/p>\n<\/p><\/div>\n

\n

Australia\u2019s anti-money laundering regulator, AUSTRAC<\/strong>, will roll out website changes from 30 March as part of a staged uplift tied to implementing the country\u2019s AML\/CTF (Anti-Money Laundering\/Counter-Terrorism Financing) reforms.<\/p>\n

The update comes as new AML reform requirements begin for existing reporting entities, while tranche two businesses can also start enrolling and registering with AUSTRAC.<\/p>\n

According to AUSTRAC, the refreshed site is intended to improve usability and make guidance easier to access as the reforms progress. Changes include a redesigned look and feel, a clearer menu structure, improved search and filtering tools, and an enhanced contact and support section aimed at making self-service easier.<\/p>\n

For existing reporting entities, the regulator said the changes should make it easier to locate information on compliance obligations, AML\/CTF programmes, regulatory expectations and key implementation dates.<\/p>\n

For new tranche two entities, the website will offer a more guided onboarding experience, including help to determine whether a business is regulated, identify the relevant industry category and follow enrolment steps.<\/p>\n

The website changes come ahead of the 31 March commencement of key elements of Australia\u2019s reformed AML\/CTF regime.<\/p>\n

Speaking at the Regulating the Game<\/strong> event<\/a> last week, AUSTRAC Chief Executive Officer, Brendan<\/strong> Thomas<\/strong>, said gambling remains \u201cat the frontline\u201d of AML regulation, warning that the agency continues to see systemic weaknesses across the sector, including poor transaction monitoring and failures in suspicious matter reporting.<\/p>\n

Thomas said AUSTRAC\u2019s message to industry was that \u201cpreparation is expected, perfection is not\u201d, but warned that where risks remain unmanaged, regulatory action will follow.<\/p>\n

\u201cWe do not expect perfection on day one. But we do expect sustained effort, strong leadership, and genuine progress in reducing money laundering risk,\u201d he continued.<\/p>\n

\u201cThe core principles of identifying, mitigating, and managing risk remain unchanged.<\/p>\n

\u201cWe expect you to continue operating your existing controls, to develop and document clear implementation plans where gaps exist, and to manage ML\/TF risk actively throughout the transition. If your controls are effective, maintain them. If they are not, fix them \u2013 now.<\/p>\n

\u201cImplementation plans must be credible. They must identify gaps, explain why they exist, set realistic timelines, and assign accountability.\u00a0<\/p>\n

\u201cThey must be endorsed by senior management and the board. That endorsement matters. It signals ownership.<\/p>\n

\u201cAUSTRAC will take a proportionate approach where businesses demonstrate genuine effort. But where risks remain unmanaged, regulatory action will follow.\u201d<\/p>\n

The reforms stem from the AML\/CTF Amendment Bill 2024<\/strong>, passed by Parliament back on 29 November 2024, and are designed to modernise the regime, close regulatory gaps and bring Australia closer to Financial Action Task Force<\/strong> (FATF) standards.<\/p>\n

AUSTRAC\u2019s eye firmly fixed on gambling<\/strong><\/h2>\n

AUSTRAC is currently dealing with an ongoing case against global operator Entain<\/strong><\/a>, investigating compliance failings and AML liabilities of its Australian brands Neds<\/strong>, Bookmaker.com.au<\/strong> and Ladbrokes Australia<\/strong>.<\/p>\n

The Federal Court of Australia<\/strong> has set aside time from 30 November 2026 for the hearing and, while the dispute could still settle before then, it looks to be heading toward a major court fight. Entain is defending the case while also engaging in mediation.<\/p>\n

Regulations against gambling in Australia have also become more prevalent in recent times, as the country has experienced a \u2018surge in gambling participation and harm<\/a>\u2019 over the past six years.<\/p>\n

Politicians are becoming increasingly frustrated with Prime Minister Anthony Albanese<\/strong>\u2018s delays in implementing any of the 31 recommendations of the Murphy report<\/strong>, which includes a recommendation for a ban on gambling advertising.<\/p>\n

On the new reforms, Thomas added: \u201cThis reform is not about paperwork. It is about outcomes. It is about stronger detection, better controls, and more resilient systems \u2013 particularly in cash\u2011intensive environments.<\/p>\n

\u201cTo support you, AUSTRAC has released practical guidance and will continue delivering webinars, training, and tools throughout 2026. We encourage you to engage, to ask questions, and to use these resources. We are here to help.<\/p>\n

\u201cThe expectations are clear. Maintain strong risk management. Plan thoughtfully. Engage senior leadership. Demonstrate real progress.<\/p>\n

\u201cUltimately, this is not compliance for compliance\u2019s sake. It is about protecting Australia from criminal harm. It is about ensuring your businesses are not exploited. And it is about the shared responsibility we all carry.<\/p>\n

\u201cTogether, we can lock criminals out, protect our communities, and ensure Australia\u2019s gambling sector remains a leader in integrity and trust.\u201d<\/p>\n<\/p><\/div>\n

Patrick Killeen
Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Brendan Thomas. Source: LinkedIn Australia\u2019s anti-money laundering regulator, AUSTRAC, will roll out website changes from 30 March as part of a staged uplift tied to implementing the country\u2019s AML\/CTF (Anti-Money Laundering\/Counter-Terrorism Financing) reforms. The update comes as new AML reform requirements begin for existing reporting entities, while tranche two businesses can also start enrolling and<\/p>\n","protected":false},"author":1,"featured_media":897053,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[135244,359],"tags":[135242,5192],"class_list":{"0":"post-897052","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-austrac","8":"category-warns","9":"tag-austrac","10":"tag-warns"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/897052","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=897052"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/897052\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/897053"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=897052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=897052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=897052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}