About the reforms
Right now, there are large gaps in our financial system. We’re making changes to close these gaps that contribute to an environment where organised crime and professional money laundering organisations can inflict harm to individuals, businesses and communities. These laws will also ensure we better meet international standards.
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These changes to Australia’s anti-money laundering and counter-terrorism funding (AML/CTF) regime help us build a stronger, more proactive intelligence picture. In turn, we can deter, detect and disrupt money laundering and terrorism financing (ML/TF).
The goal of these reforms is simple: close those avenues to organised crime.
New AML/CTF laws
On 29 November 2024, the Parliament of Australia passed the AML/CTF Amendment Bill 2024. This amended the AML/CTF Act.
The new laws simplify and modernise the AML/CTF regime. They also make sure our laws meet international standards set by the Financial Action Task Force (FATF). FATF is the global financial crime watchdog and standard-setter.
Find out more about AML/CTF laws:
- Future law compilation of the AML/CTF Act
- AML/CTF Amendment Act and Explanatory Memorandum
- AML/CTF Act (currently in force, not incorporating amendments)
- Proposed new AML/CTF Rules
Key changes under the laws
The changes impact high-risk services and current reporting entities.
Regulation of high-risk services
The new laws will expand our regulation into new industries that are recognised domestically and globally as high-risk for criminal exploitation.
This includes certain designated services that are typically provided by the following businesses (tranche 2 entities):
- real estate professionals
- dealers in precious stones, metals and products
- lawyers
- conveyancers
- accountants
- trust and company service providers.
Businesses that provide these services will be regulated by us from 1 July 2026.
The current regulation of digital currency to fiat (government-issued) currency exchanges will also be expanded to include additional services provided by virtual asset service providers.
Businesses that provide these additional services will be regulated from 31 March 2026.
You can check if you’ll be regulated.
Changes for current reporting entities
For current reporting entities this includes changes:
- to value transfer obligations and the definition of bearer negotiable instruments for the financial services
- to AML/CTF program requirements and due diligence.
These changes will apply from 31 March 2026.
Changes to the tipping off offence started 31 March 2025. This means it’s now a criminal offence to disclose certain types of information to another person only in circumstances where it would or could reasonably be expected to prejudice an investigation[RH1] .
Changes for businesses regulated under the Financial Transaction Reports Act 1988
The Financial Transaction Reports Act 1988 (FTR Act) was repealed on 7 January 2025.
Affected businesses include:
- solicitors
- businesses that buy and sell traveller’s cheques
- motor vehicle dealers who act as insurance providers or intermediaries
- online remitters that don’t provide designated services at or through a permanent establishment in Australia.
This means that your business doesn’t need to report transactions under the FTR Act from 7 January 2025. But you may still have ongoing confidentiality and record-keeping obligations.
We may also ask for information about reports you submitted before the FTR Act was repealed.
Learn more about your ongoing obligations following the FTR Act repeal.
Related pages
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The content on this website is general and is not legal advice. Before you make a decision or take a particular action based on the content on this website, you should check its accuracy, completeness, currency and relevance for your purposes. You may wish to seek independent professional advice.