We are seeking your feedback on new anti-money laundering and counter-terrorism financing (AML/CTF) Rules.
If you are currently regulated by AUSTRAC, or provide services in the real estate, accounting, legal, trust and company services, precious stones or virtual assets sectors, these new AML/CTF Rules may affect you.
If you are a member of these sectors, use our ‘am I regulated?’ checker and Reform website page to see if you may be affected.
The new Rules
On 29 November 2024, Parliament passed the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill, amending the AML/CTF Act 2006. The new laws reform Australia’s AML/CTF regime to ensure that we can more effectively deter, detect and disrupt crimes like money laundering, terrorism financing and proliferation financing.
To support the reforms, AUSTRAC is updating the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1), often referred to as ‘the Rules’. These are subsidiary legislative instruments that provide detailed information in relation to specific requirements under the AML/CTF Act. A Future Laws Compilation of the AML/CTF Act containing the amendments within the existing AML/CTF Act 2006 is available to assist you to understand and familiarise yourself with the reforms.
The new Rules will provide current and future reporting entities with more detail on their AML/CTF obligations, allow them greater flexibility in how they meet their obligations, reduce regulatory impacts and support them to better detect and prevent financial crime.
This exposure draft of the new Rules covers the following areas:
- AML/CTF programs
- reporting groups (formerly ‘designated business groups’)
- customer due diligence
- travel rule
- compliance reports
- keep open notices (formerly ‘Chapter 75 notices’)
- correspondent banking relationships.
There is significant change proposed in the new Rules instrument so it’s important that you consider the consultation paper. The paper includes an outline of key new concepts, the proposed approach in the Rules under the reforms and poses questions that we would particularly like your feedback on.
We encourage all stakeholders, including our reporting entities and industry associations, to have their say.
How to make a submission
The consultation period for this first exposure draft of the new Rules is open from 11 December 2024 to 14 February 2025.
We will accept submissions in Word (DOCX) or Portable Document Format (PDF) via a form on our website. You can submit your response under your name or anonymously.
If you are having difficulties with your submission, please contact us for assistance. We are not accepting submissions by email.
Next steps
AUSTRAC will consider all submissions and make changes to the draft as required. Please note that we will not respond to individual submissions unless we require more information or clarification.
Consultation on the second exposure draft of the Rules will open in early 2025. This second draft will include updates that we may have made in response to your feedback, including in response to this draft. It will also include topics that were not included in the first draft for your consideration.
Privacy and information management
To support your participation in this consultation, we will collect some of your personal information such as your name (or organisations name), email address, industry, and if provided, your role and phone number. Your personal information will only be used and disclosed for the purpose of facilitating the consultation process. Personal information collected through the consultation process will be treated in accordance with the Privacy Act 1988 and AUSTRAC’s Privacy Policy. By participating in the consultation, you are indicating that you agree with this privacy notice and AUSTRAC’s Privacy Policy.
Submissions may also be subject to freedom of information requests, or requests from the Parliament.
More information
If you have questions, email us at reform@austrac.gov.au.