Modernising Australia's AML/CTF regime

On 11 September 2024, amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) were introduced into Parliament through the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (Cth). The Bill includes significant proposals to expand the application of the AML/CTF Act to additional sectors of the Australian economy, including lawyers, real estate agents, accountants and others. We have separately written on the Consultations that have led to this point here, here and here.

In this paper we look at the amendments to the AML/CTF Act that we expect to be of most importance to existing reporting entities.  These include:

• updates to requirements around AML/CTF Programs including a new definition capturing risk assessments, policies, procedures and controls;
• reform to governance requirements including a new “lead entity” concept;
• a new approach to regulating offshore operations;
• modified customer due diligence obligations including legislating customer risk assessment requirements;
• reformed virtual asset service provider requirements;
• significant changes through the introduction of obligations connected to the “transfer of value”;
• updates to the regime when assisting an investigation of serious offences; and
• new AUSTRAC investigation and enforcement powers.

Download our paper