AUSTRAC CEO Brendan Thomas encourages businesses and industry associations to have their say on the new draft Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Rules. 

On 29 November 2024, the Federal Parliament passed the AML/CTF Amendment Bill 2024. The Bill reforms our AML/CTF regime and simplifies it to increase flexibility, reduce regulatory impacts and support businesses to better prevent and detect financial crime.

“Now that Parliament’s passed the Amendment Bill, we’re busily working on new AML/CTF Rules – these provide the finer details for the obligations set out in the Act,” said Mr Thomas. 

“Importantly, we want to develop these in close consultation with businesses.” 

The new draft Rules are open for a first round of public consultation until 14 February 2025. A second round of consultation will also be initiated in early 2025. 

“I hope businesses – both currently regulated by AUSTRAC and those whose services will be covered by the new AML/CTF regime – take the time to read the consultation paper and make a submission.” 

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.

Members of new regulated sectors can use AUSTRAC’s ‘Am I regulated?’ tool to see if they may be affected. 

For more information about the reforms, visit our website.