Overview

On 29 November 2024, the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024, was passed by Parliament, introducing significant reforms to the existing Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

A number of new "designated services" will now be subject to AML/CTF laws. Many businesses will be regulated for the first time as they will form part of “tranche 2 services” which includes real estate agents and developers, trust and company services providers, legal professionals, accountants, and dealers in precious metals and stones. A greater range of businesses in the payments and digital asset sector may also need to comply with the regime for the first time.

Understanding the key requirements, common implementation issues and what you can do now

Affected organisations must ensure that they are equipped with the tools and knowledge to meet their new responsibilities.

The ease of adaptation and the way in which an organisation responds to these reforms with minimal customer impact will become a business differentiator over the next few years.

Our guide explains the key requirements of Australia's new AML / CTF regime for businesses which will be 'reporting entities' for the first time, common implementation issues 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 constant 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 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.