The second round of public consultation on proposed reforms to the anti-money laundering and counter-terrorism financing (AML/CTF) regime has drawn to a close.

The consultation sought feedback on proposed legislative changes affecting current reporting entities as well as certain higher-risk services provided by professional service providers (tranche-two entities).

Further updates on the outcomes from the second stage consultation process will be provided through the Attorney-General’s Department (AGD) external communication channels.

Next steps

All feedback is currently being reviewed by the AGD to inform the development of the draft legislation. 

AUSTRAC continues to work with the AGD to ensure these reforms reinforce the effectiveness of Australia’s AML/CTF regime in a way that recognises current business practices. 

AUSTRAC intends to engage heavily with affected sectors on the design and delivery of the implementation of the proposed reforms. More information on engagement opportunities will follow.

What you need to do

AUSTRAC will keep you informed on the progress of the AML/CTF reforms, including any actions you need to take.

To find more about the reforms and the consultation process, visit the AGD website.