Anti-Money Laundering November 2024 reforms
02/12/2024
Over 70,000 new reporting entities are to be regulated under the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 recently passed in November 2024.
The AML/CTF Amendment Bill aims to effectively deter, detect and disrupt money laundering and terrorism financing and strengthen the existing frameworks to better address these evolving threats.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) notes the reforms modernise the regime to reflect changing business structures, technology and illicit financing methodologies. The amendments aim to bring Australia in line with international standards set by the Financial Action Task Force (FATF).
Who is affected?
AML/CTF compliance has been expanded to include:
- lawyers
- accountants
- real estate professionals and
- dealers in precious metals and stones.
If you are an entity already covered by AML/CTF requirements you will need to review and update your program and related processes and procedures.
What are the obligations?
Entities who now are regulated under AML/CTF must ensure they are:
- enrolling with AUSTRAC
- developing an AML/CTF program and risk assessment tailored to your business
- conducting customer due diligence
- reviewing transactions
- reporting on suspicious activity and
- ongoing employee training.
What do you need to do?
Entities under the expansion will need to enrol with AUSTRAC by 31 March 2026 and be compliant with AML/CTF obligations by 1 July 2026. Reforms to tipping-off offence will commence on 31 March 2025.
AUSTRAC can take enforcement action for non-compliance with AML/CTF legislation including civil penalty orders, enforceable undertakings, infringement notices and remedial directions.
How SW can help
We are committed to working with clients to ensure they are prepared for and understand the new requirements.
Get in touch and our team can help with:
- helping you understand the recent AML/CTF reform
- development of a tailored AML/TF program
- AML/CTF review to meet AUSTRAC requirements.
