The reforms - introduced as part of the Anti‑Money Laundering and Counter‑Terrorism Financing (AML/CTF) Amendment Bill 2024 - mean a broader group of ‘high‑risk’ service providers must abide by the AML/CTF obligations.
This includes lawyers, accountants, real estate agents, conveyancers, trust and company service providers, and dealers in precious metals and stones.
Previously applying only to banks, casinos, and remittance providers, the legislation seeks to modernise the regime, close regulatory gaps, and align Australia with global standards set by the Financial Action Task Force.
It is considered to be the most significant overhaul of Australia’s financial crime framework since 2006, but may create some delays and impacts for people who use these services.
You won't be directly regulated yourself, but almost every professional you rely on will be.
Expect more identity verification, more questions about how you're funding transactions and who owns your entities, and potentially some added delays and costs when buying, selling, or transferring property.
From July 1, businesses providing designated services must comply with AML/CTF obligations, including enrolling with AUSTRAC, implementing a risk‑based AML/CTF program, conducting customer due diligence (CDD), and maintaining appropriate transaction monitoring and record‑keeping systems.
Additionally, the reforms modernise the regulation of virtual assets and adapt the law to evolving technologies and financial crime methods.
For more information on the reforms, and if you will be impacted, go to https://www.austrac.gov.au/industry-and-business/about-amlctf-reforms.
11°C