Australia Warns That AI Could Accelerate Financial Crime

Australia’s financial crime watchdog says AI is making money launderers’ jobs easier. In a report issued Tuesday (May 12), the Australian Transaction Reports and Analysis Center (AUSTRAC) said the country’s money laundering, terrorism and proliferation financing (PF) risks are becoming more complicated and interwoven due to technology, globalization and an increasing overlap between legal and illegal activity. AUSTRAC also argues that digitization and “emerging technologies” — especially artific