Publication
AML/CTF Amendment Bill: Implications for new and existing reporting entities
In the last 24 hours the Australian Government has introduced transformative legislation.
Australia | Publication | September 2024
The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024
The Australian Government has introduced transformative legislation that will reshape and expand the regulation of those services at risk of financial crime. The new laws are intended to commence in 2026 and apply to services provided both in Australia and overseas. The reforms reinforce the focus on risk-based measures to manage financial crime risks.
On 11 September, the Commonwealth Attorney-General tabled a bill in Parliament to amend the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Act). The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (Bill) will impact both existing and new reporting entities, and has three key objectives:
The amendments aim to close regulatory gaps and bring Australian law in line with the international standards set by the Financial Action Task Force (FATF). These reforms are anticipated to increase the reporting entity population – currently at approximately 17,000 entities – to approximately 90,000 entities.
The changes for existing reporting entities are vast and will significantly impact business processes. If passed, some of the material changes include (we have paraphrased these for brevity):
As currently drafted, reporting entities will need to be compliant by 2026. This will permit existing reporting entities to modify, and new reporting entities to create, their AML/CTF compliance programs. Of particular importance will be the AML/CTF Rules, which will be substantively redrafted by AUSTRAC, given the proposed legislative changes.
You can subscribe for more updates on Tranche 2 and the reforms from our risk advisory team here.
FATF Guidance
Background Information
Second Consultation
Publication
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