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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 […]

Gaming machine money laundering: What do operators need to do to comply with AML/CTF Laws

07/03/2023

Poker machine money laundering is in the spotlight again after concerns around serious and organised criminals targeting pubs and clubs to launder money. With the news regarding SkyCity, AUSTRAC has cited ‘systemic failures’ in the operator’s anti-money laundering and counter-terrorism financing (AML/CTF) programs, particularly regarding the failure to have a transaction monitoring program and to […]

A$DC - First Australian dollar stablecoin minted by ANZ Bank

21/04/2022

On March 24 2022, Australian media (Eyers, 2022) reported that ANZ Bank had created a stablecoin linked to the Australian dollar to reduce risk and improve transaction speed and cost for one of its clients to purchase digital assets. This was a landmark transaction for the digital economy, as this is the first time an […]

AML/CTF changes now in place

08/07/2021

Anti-Money Laundering & Counter Terrorism Financing (AML/CTF) reviews are currently in full swing, and the regulator is expected to step up proactive monitoring. Following criticism and concern regarding Australia’s customer due diligence requirements, amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) were passed by parliament in December 2020, and these […]