Today the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 has been passed by Parliament. 

This Bill sends a clear message that Australia is committed to ensuring that its AML/CTF regime can more effectively deter, detect and disrupt money laundering and terrorism financing.

The reforms to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act) 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 and other serious and organised crime.

The Bill will:

• Expand the AML/CTF regime to certain high-risk services provided by lawyers, accountants, trust and company service providers, real estate professionals, and dealers in precious metals and stones – also known as ‘tranche 2’ entities
• Improve the effectiveness of the AML/CTF regime by making it simpler and clearer for businesses to comply with their obligations
• Modernise the regime to reflect changing business structures, technologies and illicit financing methodologies.

The Bill and its explanatory materials are available on the Parliament of Australia website. 

FTR Act repeal

The Financial Transaction Reports Act 1988 (FTR Act) will be repealed. The repeal takes effect 28 days after the AML/CTF Amendment Bill gains 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 These businesses had reporting obligations under the FTR Act that will end when the FTR Act is repealed.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. The repeal does not affect obligations under other legislation, including the AML/CTF Act. These other obligations still apply.

Working with industry on implementation

AUSTRAC is committed to collaborating with industry to implement the changes to the AML/CTF Act. AUSTRAC has already established industry forums and working groups to engage, educate and consult with existing reporting entities and tranche 2 entities on the reforms. These forums will continue into 2025 and beyond to support industry with changed and new obligations. By participating in these forums, industry has opportunities to co-design guidance and education products and be consulted on system changes and other implementation matters.

More information

In December we will provide more information about the reforms and how entities may be impacted on our website. We will also contact entities and industry associations when public consultation is open on the new AML/CTF Rules. To ensure you can be kept informed of reform updates, subscribe to AUSTRAC’s quarterly newsletter InBrief on the AUSTRAC website.