In his address to the Australian Institute of Professional Intelligence Officers (AIPIO) 2025 conference, AUSTRAC CEO Brendan Thomas outlined the evolving challenges and strategic priorities in Australia’s fight against financial crime. He emphasised the critical role of financial intelligence, public-private collaboration, and ongoing regulatory reform to protect the nation’s financial system.
AUSTRAC operates under a dual remit: as Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulator and as the national financial intelligence unit. These roles enable AUSTRAC to both set compliance expectations and analyse financial data to detect, deter, and disrupt financial crime.
Collaboration with domestic and international law enforcement ensures that AUSTRAC’s intelligence contributes directly to protecting Australia’s economic and national security.
Serious and organised crime continues to evolve and diversify, costing the Australian economy an estimated $68 billion each year. Globally, money laundering represents up to 5% of GDP, reflecting the vast scale of illicit finance.
Domestic threats include the $12.5 billion illicit drug market and rising levels of tax fraud, cyber scams, and illegal tobacco sales. AUSTRAC data indicates declining tobacco excise receipts — a warning sign that organised criminal networks are expanding into this sector.
AUSTRAC is investing heavily in transforming raw transaction data into actionable intelligence. This includes:
These insights enable AUSTRAC and its partners to identify suspicious behaviour earlier and take decisive action.
Through the Fintel Alliance, AUSTRAC brings together government agencies, banks, and fintech firms to combat financial crime. Thomas highlighted that the Alliance recently analysed over 50 million transactions across multiple banks, uncovering new criminal networks that would otherwise have gone undetected.
This model of public-private partnership is seen internationally as a benchmark for collaborative intelligence operations.
AUSTRAC’s transformation agenda includes shifting from compliance enforcement to a risk-based and outcomes-focused regulatory model. This approach prioritises harm reduction, encourages proactive reporting, and supports greater industry alignment through the upcoming Tranche 2 AML/CTF reforms.
By fostering stronger data sharing, consistent standards, and simplified reporting systems, AUSTRAC aims to strengthen the overall resilience of Australia’s financial ecosystem.
This post reproduces material from an AUSTRAC media release. © AUSTRAC for the Commonwealth of Australia 2019 onwards. Used under a Creative Commons licence. No endorsement implied.
You can read the original AUSTRAC announcement here: AUSTRAC CEO Brendan Thomas Speech — AIPIO 2025