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ARTICLE · 12 MAY 2017

Consultation On Proposed Amendments To AML/CTF Rules

Dentons
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This review, which commenced in December 2013, was conducted under section 251 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act).

AustraliaGovernment, Public Sector
Ruth Neal
Ruth Neal
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In April 2016, the Attorney-General's Department released its Report on the Statutory Review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and Associated Rules and Regulations (Report). This review, which commenced in December 2013, was conducted under section 251 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act).

The Report set out 84 recommendations in total, aimed at strengthening Australia's AML/CTF regime and implementing a more efficient and effective regulatory framework.

In response to this, the Australian Transaction Reports and Analysis Centre (AUSTRAC) released a set of proposed amendments to the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1) (Cth) (AML/CTF Rules) on 24 April 2017. AUSTRAC anticipates that these amendments will provide regulatory benefits to industry.

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