AUSTRAC flags a major AML blind spot in wealth management, with 98% of firms filing no suspicious matter reports in 2025, signalling serious gaps in detecting financial crime risks

Briefing highlights that most firms report no high-risk customers or suspicious matters despite evidence of exposure to higher-risk scenarios, indicating weak risk identification and reporting practices. It also emphasises vulnerabilities linked to digital channels, cyber-enabled fraud, and misuse of customer identities, and calls for stronger controls and more effective AML/CFT reporting to improve detection…