In this episode of "Financial Crime Matters," Kieran talks with AUSTRAC CEO Brendan Thomas about his agency's efforts to implement a vast extension of Australia's anti-money laundering regime to about 80,000 new entities under legislation commonly referred to as T2.

In service to those efforts, Brendan details AUSTRAC's outreach to law firms, accountants, real estate agencies and other designated non-financial businesses and persons who will be required to create an anti-money laundering (AML) risk analysis, appoint an AML officer and be ready to file suspicious matters reports by July 2026. 

Key to Australia's need to come into compliance with the Financial Action Task Force's global standards, the extension of AML regulation is also central to the country's plan to actually stem the flood of illicit funds from transnational crime organizations into Australia's banking, gaming, real estate, precious metals and other sectors, Brendan says. 

As part of its commitment to effectuate more fund seizures and prosecutions, Brendan discusses how the AUSTRAC initiative will also utilize public-private information sharing, embodied by the country's Fintel Alliance, increased staffing, and AI and other technological tools to weaponize what will ultimately be 100,000 anti-financial crime reporting entities under T2.

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