Publication
Second Consultation Released into Simplifying and Modernising the AML/CTF Regime
The Commonwealth Attorney-General’s Department (Department) has today released the Second Consultation Paper (Consultation).
Australia | Publication | May 2024
The Commonwealth Attorney-General’s Department has initiated the implementation of proposed reforms of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime to bring Australia's anti-money laundering laws in line with standards recommended by the Financial Action Task Force. These reforms have far-reaching implications for real estate and accounting professionals, as well as lawyers, who will be required to take a more active role in deterring money laundering and terrorist financing.
The reforms are likely to require accountants, real estate agents and other professionals to implement risk management programs and to conduct due diligence on clients. This will include verifying the identity of clients, assessing the risk of money laundering or terrorist financing, and monitoring transactions for suspicious activity. Failure to comply with these requirements may result in significant civil penalties.
The reforms also aim to:
On 2 May 2024, the Commonwealth Attorney-General's Department released the Second Consultation Paper (Consultation) on the implementation of proposed reforms to bring Australia's anti-money laundering and counter-terrorism financing laws in line with standards recommended by the Financial Action Task Force. These will be the most significant reforms to the AML/CTF Act since its introduction.
The Consultation includes five specific papers, namely:
Papers 1-3 deal with the proposed new reporting entities. Papers 4 and 5 deal with proposed changes that will impact new and existing reporting entities.
Engagement with the Consultation presents an important opportunity to contribute to the proposed scope and changes to the AML/CTF Act. Submissions on the proposals raised in the Consultation paper close on 13 June 2024.
You can subscribe for more updates on Tranche 2 from our risk advisory team here.
FATF Guidance
Background Information
Second Consultation
Publication
The Commonwealth Attorney-General’s Department (Department) has today released the Second Consultation Paper (Consultation).
Publication
On 20 April 2023, the Attorney General’s Department (the Department) announced that it would commence a public consultation (the Consultation) on proposed reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (the Act).
Publication
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