Australia: Anti-Money Laundering/Counter-Terrorism Financing Amendment Bill overhauls anti-money laundering/counter-terrorism financing
The Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) will come into force in March 2026 and is designed to enhance compliance, reduce the risk of financial crime and adhere to global compliance standards in short Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (Cth) 10 December 2024 ("Anti-Money Laundering/Counter-Terrorism Financing Amendment Bill") received Royal Assent. The legislation substantially amends the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) ("Anti-Money Laundering/Counter-Terrorist Financing Law”) and bring significant reforms to Australia’s anti-money laundering and counter-terrorism financing (“Anti-Money Laundering/CTF")regime. The amendments aim to close key legislative gaps and better align Australia’s AML/CFT regime with international standards set by the Financial Action Task Force (financial action task force). Brendan Thomas, Australian Transaction Reports and Analysis Center (Australian Transaction Reports Analysis Center) CEO said the Anti-Money Laundering/Counter-Terrorism Financing Amendment Bill would "close these gaps and minimize the regulatory burden on currently regulated businesses". Most of these amendments will not come into effect until March…
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