Australia’s financial intelligence unit, Austrac, has raised concerns that artificial intelligence is accelerating money laundering operations by enabling criminals to scale scams, automate workflows, and create fraudulent documents.
CEO Brendan Thomas said in a statement that AI is increasingly part of criminals’ laundering toolkit, allowing them to fabricate identities and conceal proceeds more efficiently than traditional methods.
The warning comes as Austrac released updated risk assessments on financial crime, including threats tied to Iran and North Korea, and pointed to Australia’s globally connected economy as a key vulnerability.
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