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ARTICLE · 26 NOVEMBER 2025

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Is Your AML/CTF Officer Fit And Proper?

Sophie Grace Pty Ltd
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The AML/CTF Amendment Act legally requires reporting entities to appoint a fit-and-proper, management-level AML/CTF Compliance Officer under strengthened governance rules.

AustraliaFinance and Banking
Alicia Pevely
Alicia Pevely
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Reporting entities will be familiar with the obligation to appoint an AML/CTF Compliance Officer (Compliance Officer), who is responsible for ensuring compliance with the reporting entitys AML/CTF obligations.

Reforms introduced by the AML/CTF Amendment Act clarify this obligation. One of the key aims of the reforms introduced by the Amendment Act is to enhance governance, oversight, and accountability within reporting entities, especially by codifying the role and requirements of the Compliance Officer. Previously, many of the responsibilities of the AML/CTF Compliance Officers were found in the AML/CTF Rules or AUSTRAC guidance. The Amendment Act elevates these obligations into primary legislation, giving them greater legal force and removing ambiguity.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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