Anti-Money Laundering and Counter-Terrorism Financial Laws – What is Changing?

Australia is reforming its Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime to close significant gaps in the financial system that have allowed organised crime and other illicit actors to operate with relative ease. These reforms, brought in through the AML/CTF Amendment Act 2024, aim to modernise and strengthen Australia’s legal framework to better meet international standards and enhance the country’s ability to deter, detect and disrupt money laundering and terrorism financing activities. Key elements include expanding AUSTRAC’s regulation to new high-risk services and industries (such as real estate professionals, accountants and virtual asset services), updating obligations for existing reporting entities, and repealing outdated legislation like the Financial Transaction Reports Act 1988. For a full breakdown of the reforms and how they could affect your business or industry, visit: https://www.austrac.gov.au/amlctf-reform/about-reforms Image courtesy austrac.gov.au