Australia's financial intelligence agency is monitoring more than 100 people suspected of funding terrorism, with the number of reports to the regulator tripling over the past year.

AUSTRAC, the Federal Government agency in charge of fighting money laundering and terrorism financing, revealed in its annual report a spike in terrorism-related "suspicious matter reports" from 118 in 2013/14 to 367 in 2014/15.

"The volume of terrorism financing in Australia is linked to the number of Australians travelling to join terrorist groups in Syria and Iraq," AUSTRAC's report stated.

"We have been monitoring more than 100 people of interest and keep our partner agencies informed about their financial activities."

Of the 81,074 suspicious reports received in the past financial year, 536 were related to terrorism investigations.

These reports had a monetary value of approximately $53 million, of which $11 million was cash.

AUSTRAC said the funding was for individual attacks and operations, but also for sustaining terrorist groups.

"It supports the less violent or obvious aspects of a group's operations, such as living expenses, travel, training, propaganda activities, and compensation for wounded fighters or the families of terrorists who have died," the report said.

The agency said it had been working closely with the private sector and as a direct result there was a 300 per cent increase in reports relating to suspected terrorism funding.

When Australia's terror alert was raised to high in October last year, the Government increased AUSTRAC's funding by $20 million to stop cash being funnelled to terrorists from Australia.

The Federal Government is looking to boost regional efforts to track terrorism financing and proceeds of crime by co-hosting a summit with Indonesia in Sydney later this month.

"The summit will be an opportunity to secure regional undertakings to collaborate and share financial and other intelligence to the fullest extent to identify, understand and counter threats posed by terrorism financing, foreign terrorist fighters and violent extremism," the Minister assisting the Prime Minister on Counter-Terrorism Michael Keenan said in August.