Australia’s economy continues to be exploited by serious and organised crime. 

These criminals exploit services provided by legitimate businesses to help disguise the illicit origins of their funds. Laundered funds are reinvested in further criminal activity, including child exploitation, drug and sex trafficking, scams, fraud, terrorism and the proliferation of weapons of mass destruction. 

To keep up with an ever-changing criminal environment, the Australian Government has recently reformed Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). 

Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime includes the AML/CTF Act, the Anti-Money Laundering and Counter-Terrorism Financing Rules 2007 (the Rules) and associated regulations. It is a central part of our efforts to prevent criminals from enjoying the profits of their illegal activity and stopping funds from falling into the hands of terrorists.

Businesses are at the frontline in the fight against serious financial crime. 

The AML/CTF regime helps businesses to identify risks and prevent or disrupt criminal activities. It also provides law enforcement with valuable intelligence in the fight against serious and organised crime. This helps to protect the Australian community and businesses from serious harm.

Learn more about AUSTRAC and what we do and why fighting money laundering and terrorism financing is important.  

On this page 

• New AML/CTF laws
• Key changes under the new laws
• Guidance and education
• Implementation timeline
• AML/CTF Rules consultation
• Consultation on the new laws
• Related pages

New AML/CTF laws

On 29 November 2024, the Parliament of Australia passed the AML/CTF Amendment Bill 2024 (the Bill), amending the AML/CTF Act. 

The new laws reform Australia’s AML/CTF regime to ensure it continues to effectively deter, detect and disrupt money laundering, terrorism financing and proliferation financing. They also ensure our laws meet international standards set by the Financial Action Task Force, the global financial crime watchdog and standard-setter.

View the AML/CTF Amendment Bill and corresponding AML/CTF Act, along with the proposed new AML/CTF Rules. 

Key changes under the new laws

Regulation of high-risk services 

The new laws will expand AUSTRAC’s regulation into new industries that are recognised domestically and globally as high-risk for money laundering exploitation.

This includes certain designated services that are typically provided by the following businesses (Tranche 2 businesses): 

• real estate professionals
• dealers in precious stones, metals and products
• professional service providers such as lawyers, conveyancers, accountants, and trust and company service providers.

Businesses that provide these services will be regulated by AUSTRAC from 1 July 2026. 

The current regulation of digital currency to fiat 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. 

Use the online tool to find out if you might be regulated. 

Understand the risks your business faces and view the summary of AML/CTF obligations for new regulated entities. 

Changes for current AUSTRAC regulated entities

The new laws will see changes to obligations for industries already regulated by AUSTRAC. 

This includes: 

• changes for the financial services sector relating to value transfer obligations and the definition of bearer negotiable instruments
• changes to AML/CTF program requirements, customer due diligence and the tipping off offence.

The reformed obligations will apply from 31 March 2026 to current AUSTRAC reporting entities, except the tipping off reforms which will apply from 31 March 2025. 

Understand the risks your business faces and view the summary of changes to AML/CTF obligations for current AUSTRAC regulated entities.  

Changes for businesses regulated under the Financial Transaction Reports Act 1988

The Financial Transaction Reports Act 1988 (FTR Act) will be 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 which do not provide designated services at or through a permanent establishment in Australia.

Your business will no longer be required to make reports under the FTR Act for transactions occurring from 7 January 2025 but you may still have ongoing confidentiality and record-keeping obligations. AUSTRAC may also request further information about reports you submitted before the FTR Act was repealed.

Learn more about your ongoing obligations following the FTR Act repeal. 

Guidance and education

AUSTRAC will develop guidance and educational materials to support current and new regulated entities to implement effective AML/CTF measures. 

AUSTRAC will provide further guidance in 2025, including guidance on: 

• the scope of the new regulated services 
• core obligations and how they can be practically implemented. 

AUSTRAC is also developing AML/CTF starter programs kits for small businesses in Tranche 2 sectors. The kits aim to increase the effectiveness of AML/CTF programs and will provide an AML/CTF program for a typical low complexity small businesses. They will reflect sector-wide money laundering, terrorism financing and proliferation financing risk and industry practice. 

Guidance will be developed in close consultation with industry peak bodies and will be released for public consultation in mid-2025. 

Important dates

Key upcoming dates related to the reforms: 

2024/25

• 29 November 2024: Passage of the AML/CTF Amendment Bill
• 10 December 2024: AML/CTF Amendment Act receives Royal Assent
• November 2024 to May 2025: Consultation on AML/CTF Rules 
• 11 December 2024 to 14 February 2025: First exposure draft consultation on AML/CTF Rules
• 7 January 2025: Repeal of Financial Transaction Reports Act 1988 
• 31 March 2025: Commencement of changes to the tipping off offence
• May to July 2025: Public consultation on draft core guidance 
• June 2025: Finalisation of AML/CTF Rules
• August 2025: Finalisation of Core Guidance
• December 2025: Finalisation of Tranche 2 sector-specific guidance

2026

• 31 March 2026: Changes to obligations to Tranche 1 reporting entities and virtual assets service providers
• 1 July 2026: AML/CTF obligations commence for Tranche 2 entities 
• 2026: Ongoing enhancements to the Tranche 1 sector-specific guidance in partnership with industry
• Post 2026: International value transfer service reporting will commence under transitional arrangements (previously referred to as ‘international funds transfer instruction’ reporting).

AML/CTF Rules consultation

Further detail on the practical application of the AML/CTF regime will be set out in the AML/CTF Rules. We will work closely with industry, government agencies and other stakeholders to develop the new AML/CTF Rules. 

Public consultation on the draft AML/CTF Rules opened on 9 December 2024. To review the draft AML/CTF Rules and make a submission, visit the AML/CTF Rules consultation page. 

Consultation on the new laws

The development of the Bill was informed by 2 rounds of consultation led by the Attorney-General’s Department (AGD). From April 2023 to June 2024, AGD received over 270 submissions and held over 100 stakeholder meetings.

For more information on these consultations and industry feedback, go to the Consultation Hub – Modernising Australia’s AML/CTF regime.

Related pages

• Learn more about AUSTRAC
• Summary of AML/CTF obligations for new regulated entities 
• Summary of key changes for current regulated entities
• Check if you will be regulated 
• Summary of new industries and services to be regulated
• Learn more about the harms caused by money laundering and terrorism financing