Australia’s financial institutions are entering a critical period as major anti-money laundering and counter-terrorism financing reforms approach implementation. The regulatory framework is shifting rapidly, while technology, customer expectations, and financial crime threats continue to evolve.
According to SymphonyAI, these changes will force financial crime leaders to rethink how they manage risk, compliance, and collaboration across the sector. The company recently hosted a webinar featuring experts from Deloitte, AMP, and SymphonyAI to explore how organisations should approach the coming transition.
The discussion highlighted a central theme. The institutions that succeed through 2026 will not simply comply with new regulations. They will use the reforms as an opportunity to modernise their approach to financial crime prevention.
Keeping focus on risk while preparing for change
Lisa Dobbin, partner and Australia and APAC financial crime lead at Deloitte, emphasised the importance of maintaining focus on risk management as institutions adapt to new regulatory expectations.
She advised leaders to remain focused on the core objective of managing risk while still creating space for innovation and long term improvement. Dobbin also encouraged financial institutions to engage directly with AUSTRAC, Australia’s financial intelligence agency, as they navigate new regulatory requirements.
AUSTRAC has signalled a shift toward outcomes based regulation. Rather than prescribing specific solutions, the regulator is focusing on whether institutions are effectively identifying and addressing financial crime risks. This approach encourages greater collaboration between regulators and industry.
For financial institutions, this creates both an opportunity and a responsibility. Organisations have more flexibility to develop their own approaches, but they must also demonstrate that their programs genuinely reduce the risks of money laundering and terrorism financing.
Strategic clarity in a period of change
Craig Robertson, financial crime and compliance specialist for Asia Pacific at SymphonyAI, highlighted the need for clear strategic priorities as organisations prepare for regulatory reform.
He noted that financial institutions must decide what they are trying to achieve in the short and long term. Some organisations may prioritise improving detection capabilities and threat intelligence. Others may focus on operational efficiency through automation. Some may concentrate on building organisational readiness and managing large scale change.
According to Robertson, the key is ensuring leadership alignment on priorities and communicating those priorities clearly across the organisation. Attempting to pursue every objective simultaneously often slows progress.
A more collaborative financial crime ecosystem
Another theme that emerged from the discussion was the importance of collaboration across the financial services sector.
Michelle Reinisch, director of small business and personal banking customer success and enterprise customer protection at AMP, described a future where institutions work together more closely to identify and disrupt criminal activity.
Rather than managing risks in isolation, financial institutions are increasingly expected to share intelligence and coordinate responses. Initiatives such as Australia’s Fintel Alliance already bring together regulators, law enforcement, and financial institutions to exchange information on emerging threats.
The goal is to move beyond compliance focused conversations toward a more outcome driven approach that prioritises harm prevention.
Shifting the focus toward prevention
Another key shift discussed during the webinar is the move from detection toward prevention.
Many financial crime controls today operate after activity has already occurred. Institutions screen customers after onboarding, monitor transactions after they are processed, and investigate suspicious behaviour once alerts are generated.
A prevention focused mindset asks different questions. Financial institutions must consider how to design products that are harder to misuse, how to identify fraudulent actors before they become customers, and how to adapt controls quickly when new threats emerge.
Embedding safeguards earlier in the process, for example through stronger identity verification and biometric checks, can help reduce the creation of mule accounts and other forms of fraud.
Measuring effectiveness rather than activity
Another important shift involves how financial crime programs are evaluated.
Historically, institutions measured success using operational metrics such as the number of alerts generated or reports filed. Increasingly, regulators expect organisations to demonstrate real outcomes.
Dobbin noted that organisations should be able to show that their controls actually prevent or detect financial crime risks. This requires better measurement of program effectiveness, continuous improvement, and a clear alignment between resources and the risks institutions face.
A broader shift in mindset
A common message across the panel was that financial crime management must move beyond a narrow compliance mindset.
Reinisch explained that financial crime prevention should be viewed as a customer protection issue as much as a regulatory obligation. Institutions that treat it as a core element of customer trust are better positioned to strengthen relationships and protect their reputation.
A defining moment for financial institutions
Australia’s regulatory reforms represent more than a compliance milestone. They also present an opportunity for institutions to modernise technology, improve collaboration, and adopt more effective risk-based approaches.
According to SymphonyAI, the organisations that approach the reforms strategically will be better prepared to prevent financial crime, respond to evolving threats, and build stronger customer trust.
The challenge for financial leaders is no longer whether change will occur. The real question is how effectively organisations will respond as the financial crime landscape continues to evolve.
Read the full blog from SymphonyAI here.
Copyright © 2026 FinTech Global
Copyright © 2018 RegTech Analyst
