Jingle bills: Unwrapping the AML/CTF reforms passed by Parliament and AUSTRAC’s consultation paper

The passage of the bill to amend the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) through the Federal Parliament during the final sitting week for 2024 marks a significant milestone on the journey to reform Australia’s AML/CTF regime. AUSTRAC has moved quickly to release its consultation paper on the new AML/CTF Rules (Consultation Paper), as well as publishing the first exposure draft of the Anti-Money Laundering and Counter-Terrorism Financing Rules on 11 December 2024 (Draft Rules). As much of the granular detail required to comply with the AML/CTF Act is captured in the AML/CTF Rules, AUSTRAC have proposed a wholesale rewrite in the Draft Rules to align with the reforms in the AML/CTF Amendment Act.