Anti-Money Laundering and Counter-Terrorism Financing Amendment Act
The Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (the Amendment Act) passed the Parliament on 29 November 2024. The Amendment Act and its explanatory materials are available on the Parliament of Australia website.
Use the links on this page to find details about the Amendment Act, including its objectives and proposed measures.
In this section...
Find key objectives and measures, including a summary of the changes for each entity.
The Amendment Act extends Australia’s anti-money laundering and counter-terrorism financing regime to a range of new entities from 2026.
Reporting entities will need to take a risk-based approach to their AML/CTF programs, and obligations will be outcome-focused.
Reporting entities will need to verify the identity of their customers and understand the risks involved in providing services to them.
Australia’s AML/CTF regime will be updated to protect this rapidly developing sector against exploitation by criminals.
A simplified value transfer chain concept will capture a broader range of value transfers, including money, virtual assets and property.
If your business provides designated services, you will need to enrol with AUSTRAC and meet certain obligations.