AML/CTF Amendment Bill announcement

On 10 December 2024 the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Act 2024 received Royal Assent. The Act amends the AML/CTF Act 2006 to ensure that Australia’s AML/CTF regime can effectively deter, detect and disrupt money laundering and terrorism financing.

These reforms represent a significant step forward in protecting our community from financially enabled crime. The changes to the AML/CTF Act strengthen the existing frameworks to better address the evolving threats posed by money laundering, terrorism financing, financing the proliferation of weapons of mass destruction and other serious and organised crime.

What do I need to do

Both current and future reporting entities will need to prepare for new or changed obligations under the new AML/CTF laws. 

AUSTRAC has developed a web page to help you to understand your obligations. 

You’ll find more information about: 

  • key changes under the new laws
  • a summary of key obligations for tranche 2 entities
  • public consultation on new AML/CTF Rules 
  • an online tool to help tranche 2 entities determine if you might be regulated.

Learn more about the changes to the AML/CTF Act and your new obligations.

FTR Act repeal

The Financial Transaction Reports Act 1988 (FTR Act) has also been repealed as it has largely been replaced by obligations under the AML/CTF Act. The repeal will take effect on 7 January 2025, 28 days following Royal Assent.

The FTR Act mostly affects solicitors and motor vehicle dealers who act as insurers or insurance intermediaries. These businesses had reporting obligations under the FTR Act that will end when the FTR Act is repealed.

We will share more information with the affected entities in the lead up to the repeal. You can also learn more about the repeal of the FTR Act. 

The repeal does not affect obligations under other legislation, including the AML/CTF Act. These other obligations still apply.

Further information 

For more information about the reforms to Australia’s AML/CTF regime, visit the AUSTRAC website.