The Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) (‘AML/CTF’, ‘the Amendment’) amends the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (‘the Act’) by extending to additional services, including services provided by real estate agents, lawyers, and accountants that are high risk for money laundering and terrorism financing.
Section 5 of the AML/CTF Act defines ‘reporting entity’ as provider of designated service. To this end, section 6 of the AML/CTF Act provides an extensive list of designated services.
Accountants providing the following services fall under the definition of reporting entity:
(a) Assisting or acting on behalf of a person in a transaction to transfer real estate.