Overview

Significant reforms to Australia's existing Anti-Money Laundering and Counter-Terrorism (AML / CTF) regime were enacted in late 2024, introducing substantial changes relevant to existing reporting entities (RE).

Existing REs will need to make important adjustments to how they manage their risks and obligations and examine their businesses to identify whether there are business lines or new group entities that are captured for the first time.

Understanding the key changes, implications and next steps for reporting entities

The key changes introduced will require a considerable uplift for existing reporting entities. These include the need for an overarching risk assessment, changing expectations regarding governance and oversight of AML/CTF programs, and modifying customer due diligence processes to meet the new requirements.

REs will need to ensure they have the resources, tools, stakeholder buy-in, and organisational focus to uplift their AML/CTF Programs and related systems and policies to respond.

Our guide explains the key changes to Australia's AML/CTF regime, implications and potential challenges for REs and what you can do now to prepare.

MinterEllison has Legal and Consulting experts focused on Financial Crime. We have a unique team made up of market-leading risk consultants and legal practitioners, specialising in understanding AML/CTF obligations, managing and leveraging risks and implementing systems that align with the developing regulations in a practical and strategic manner.

Our holistic legal and consulting approach focuses on providing a tailored and effective plan in response to the upcoming changes, prioritised according to your organisation’s needs. MinterEllison is uniquely placed to bring an integrated offering to support newly in scope businesses on AML/CTF implementation and any related regulatory engagements.