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AUSTRAC Warns Banks Against Low-Value AI-Generated Financial Crime Reports
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AUSTRAC Warns Banks Against Low-Value AI-Generated Financial Crime Reports

AUSTRAC acting CEO Katie Miller has signaled a growing regulatory focus on how financial institutions use generative AI for report drafting. While automation can accelerate compliance workflows, the agency warns that high volumes of generic, AI-authored suspicious matter reports risk obscuring critical intelligence. This move coincides with increased scrutiny on non-financial risk management across the Australian banking sector.

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