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ARTICLE · 08 DECEMBER 2024

Navigating the AML/CTF reforms: Extending the regime to Tranche 2 entities

Corrs Chambers Westgarth
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Bill expands the regime's application to services provided by certain high-risk businesses and professions.

AustraliaGovernment, Public Sector
Caroline Marshall
Caroline Marshall
Steven Rice
Steven Rice
Rebecca Chew
Rebecca Chew
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The Australian Parliament passed the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (Cth) (the Bill) on 29 November 2024.

As well as simplifying the current AML/CTF regime, the Bill expands the regime's application to services provided by certain high-risk businesses and professions ('Tranche 2 entities'), including:

  • real estate professionals and developers;

  • professional services providers such as lawyers, accountants, insolvency and restructuring practitioners, consultants; and

  • dealers in precious metals and stones.

When the Tranche 2 entities' provisions commence on 1 July 2026, the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) will apply to approximately 70,000 additional businesses, bringing the total reporting entities to 90,000.

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