
Publication
Tranche 2
Tranche 2 and AML/CTF Reforms Hub
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Australia | Publication | November 2024
On 29 November 2024, Parliament passed the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (Cth) (Bill). The Bill amends the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (Act), making the most transformational changes since the Act commenced in 2006.
The amendments under the Bill impact both existing and new reporting entities, and have three key objectives:
The amendments are likely to result in approximately 90,000 new reporting entities. New reporting entities that provide designated services will need to enrol with the Australian Transaction Reports and Analysis Centre (AUSTRAC) by 31 March 2026 and comply with the Act by 1 July 2026. These designated services are seen to be the highest risk of money laundering for these sectors and include, for example, acting as an agent on the buying and selling of real estate.
The changes for existing reporting entities are vast and will significantly impact business processes. Some of the material changes include (we have paraphrased these for brevity):
The Commonwealth Attorney General’s Department has stated that consultation on the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) (Cth) (Rules) will be released prior to the end of the year. AUSTRAC as regulator is the Rules making body.
The Rules will provide further detail and substance as to how the Act will operate in practice. New and existing reporting entities should:
Given the large volume of change in the Bill, new and existing reporting entities can begin preparing by:
To stay up to date with these changes, subscribe to our Tranche 2 and AML/CTF Reforms.
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