How To Prepare For The AML/CTF Reforms – A Practical Guide

With the AML/CTF Rules finalised and the commencement date of the AML/CTF reforms drawing closer (31 March 2026 for existing reporting entities), it is critical that reporting entities start preparing their business to implement the new or changed requirements.

Sophie Grace provides a high-level summary of practical steps that reporting entities can take to transition to the new regime in an orderly manner.

Note: We have covered the new or changed requirements in our previous article here.

Step 1 - Determine who is responsible for leading the implementation of the reform

The reforms impose obligations on governing bodies (people with primary responsibility for governance and executive decisions within the reporting entity) to oversee and lead the reporting entity's compliance with the AML/CTF regime. This means that AML/CTF compliance should be driven with a top-down approach. Reporting entities should determine which staff members in their business