Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 24 MAY 2024

AML Reforms Part 1: Remittance Service Providers

K&L Gates
K&L Gates
Contributor
K&L Gates

K&L Gates

The Firm K&L Gates is an integrated, international law firm. As a single global law firm, truly...

View firm profile
Explore more from K&L Gates

The Australian Attorney-General's Department (Department) has released five papers outlining proposals for extensive reforms to Australia's anti-money laundering and counter-terrorism financing...

AustraliaGovernment, Public Sector
Daniel Knight
Daniel Knight

The Australian Attorney-General's Department (Department) has released five papers outlining proposals for extensive reforms to Australia's anti-money laundering and counter-terrorism financing (AML/CTF) regime.

This post is the first in a series of posts about these reforms. We start with proposals impacting remittance service providers, as outlined in Paper 4: Further information for digital currency exchange providers (DCEPs), remittance service providers and financial institutions (Paper 4) (see here).

The application of the definition of "designated remittance arrangement" under the AML/CTF regime has been the subject of uncertainty over the years. This is because the definition is extremely broad and could potentially capture remittance-like services that are provided incidentally to an entity's core business. The Department recognises this and is seeking to narrow and clarify its application.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

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.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

See more popular content from

Article

Yindjibarndi And WA Government To Appeal $150 Million Federal Court Native Title Compensation Decision

The State of Western Australia and the Yindjibarndi Ngurra Aboriginal Corporation have both filed appeals against a landmark Federal Court decision awarding $150 million in compensation for cultural loss caused by mining operations in the Pilbara region. This unprecedented case marks the first judicial determination of native title compensation for future acts and the largest cultural loss award in Australian history, establishing critical precedents for how compensation is assessed when native title rights
AustraliaGovernment, Public Sector
Holding Redlich
Holding Redlich
Article

Automated Decision-Making: New OAIC Guidance Highlights Expectations For Government Agencies

Australian government agencies face a December 2026 deadline to update their privacy policies with detailed explanations of automated decision-making systems. The Office of the Australian Information Commissioner's new guidance clarifies when computer-assisted decisions trigger disclosure obligations, how human oversight affects those requirements, and what specific information agencies must reveal about the personal data and decision types involved in their automated processes.
AustraliaGovernment, Public Sector
Holding Redlich
Holding Redlich
Article

NSW Data Centre Guidelines And Network Connection Consultation Paper

The New South Wales Government has released a comprehensive policy framework for data centre investment, establishing six core principles that developments must address while promising streamlined planning approvals. The framework introduces significant new compliance obligations around energy procurement, cost recovery contributions, and demand flexibility, including a $200,000/MW Major Network Upgrade Fee and requirements for renewable energy agreements with minimum 40% wind component.
AustraliaGovernment, Public Sector
Corrs Chambers Westgarth
Corrs Chambers Westgarth
Article

California Expands Sales And Use Tax To SaaS And Certain Digital Products Starting 1 January 2027

California is implementing a major tax policy shift that will subject software-as-a-service, remotely accessed software, and digital products to sales and use tax beginning January 1, 2027. The California Department of Tax and Fee Administration has proposed emergency regulations establishing sourcing rules, a $5 million threshold that shifts tax liability from retailers to purchasers, and key exemptions for custom software and certain service-based digital products.
United StatesTax
K&L Gates
K&L Gates
Article

Text-Message Marketing In Texas, One Year After SB 140

Texas Senate Bill 140 (SB 140) took effect 1 September 2025, and applies to conduct occurring on or after that date. The bill amended Section 302 of the Texas Business and Commerce Code to extend registration and disclosure requirements to text messages by expanding the definition of “Telephone solicitation,” which previously applied only to a “telephone call,” to include certain transmissions of text or graphic messages and images. In addition, SB 140 added a definition of “Telephone call” that incorporates the definition found in Section 304, which includes certain text or graphic messages and images, but excludes certain agreed-to transmissions.
United StatesMedia, Telecoms, IT, Entertainment
K&L Gates
K&L Gates
Article

SEC And CFTC Open Door To Tokenized Markets After Clarity Fails To Advance

The SEC and CFTC have issued coordinated regulatory relief measures that significantly advance crypto-based trading infrastructure in US markets, bypassing Congressional gridlock on the CLARITY Act. These orders establish new frameworks for tokenized securities venues and passive software providers, potentially reshaping how digital assets are traded and accessed in regulated markets.
United StatesFinance and Banking
K&L Gates
K&L Gates
Article

EU AI Act: Final Guidelines On Transparency Obligations Under Article 50

The European Commission has issued guidelines on transparency obligations under Article 50 of the EU AI Act, clarifying how providers and deployers must inform individuals when they interact with AI systems or are exposed to AI-generated content. These non-binding guidelines address a wide range of AI applications, from chatbots to deepfake technologies, and establish four main transparency scenarios with specific disclosure requirements that businesses must now prepare to implement.
European UnionGovernment, Public Sector
K&L Gates
K&L Gates
Article

China’s A-Share Market Expands Closing-Price Trading: Implications For Funds And Institutional Investors

China's stock exchanges have implemented three major trading rule changes effective July 6, 2026, designed to enhance market quality and align practices with international standards. The reforms expand after-hours trading, modify public fund pricing mechanisms, and adjust price limits for risk-warning stocks. How will these structural changes impact institutional investors, ETF efficiency, and overall market participation in China's evolving capital markets?
ChinaFinance and Banking
K&L Gates
K&L Gates
Article

Venezuela's Reopening: Investment, Infrastructure, And Technology Opportunities In A Rebuilding Latin America

Venezuela's post-Maduro reopening is creating unprecedented opportunities for foreign investors across energy, mining, telecommunications, and infrastructure sectors. With expanding OFAC sanctions relief, landmark legislative reforms, and major US companies nearing multibillion-dollar deals, the country presents investment prospects not seen in a generation—though success requires disciplined navigation of corruption, security, and regulatory risks.
United StatesInternational Law
K&L Gates
K&L Gates
Article

New EU Withdrawal Button Requirement: Practical Implications And Recommendations For US And Global Online Sellers

The European Union's new Consumer Rights Directive amendment introduces a mandatory "withdrawal button" for online merchants, fundamentally changing how consumers exercise their 14-day right of withdrawal from distance contracts. This requirement, effective June 19, 2026, applies to any trader—including US-based companies—actively selling to EU consumers, creating new compliance obligations around button placement, design standards, data collection, and confirmation processes. Understanding whic
European UnionConsumer Protection
K&L Gates
K&L Gates