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ARTICLE · 02 NOVEMBER 2024

Modernising Australia's AML/CTF regime: sweeping reforms to the AML/CTF Act introduced

Corrs Chambers Westgarth
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Reporting entities ensure that measures taken in anticipation of implementation of Bill do not compromise compliance.

AustraliaGovernment, Public Sector
Caroline Marshall
Caroline Marshall
Steven Rice
Steven Rice
Leighton McDonald-Stuart
Leighton McDonald-Stuart
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The Australian Government has proposed amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) which, if enacted, will constitute the most significant changes to Australia's anti-money laundering and counter-terrorism financing (AML/CTF) regime since the introduction of the AML/CTF Act itself.

The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (AML/CTF Bill or Bill) has four key objectives:

  • simplifying the AML/CTF regime to improve its effectiveness;

  • modernising the regime to reflect changing business structures and emerging technologies, as well as illicit financing methodologies;

  • extending the AML/CTF regime to additional services provided by high-risk 'gatekeeper' professions, including real estate professionals and service providers such as lawyers, accountants, insolvency and restructuring practitioners, consultants, and precious metal and stone dealers (Tranche

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