Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill
The Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill was introduced into Parliament on 11 September 2024. The Bill and its explanatory materials are available on the Parliament of Australia website.
Use the links on this page to find details about the Bill, including its objectives and proposed measures.
In this section...
Find key objectives and proposed measures, including a summary of the changes for each entity.
The AML/CTF Amendment Bill would extend Australia’s anti-money laundering and counter-terrorism financing regime to a range of new entities.
Reporting entities would take a risk-based approach to their AML/CTF programs, and their obligations would be outcome-focused.
Reporting entities would need to verify the identity of their customers and understand the risks involved in providing services to them.
Australia’s AML/CTF regime would be updated to protect this rapidly developing sector against exploitation by criminals.
A simplified value transfer chain concept would 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.