AUSTRAC has welcomed the passage of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 in the Australian Parliament.
This marks a development in the nation’s financial regulatory framework.
This bill, which impacts accountants and other professionals, aims to enhance Australia’s ability to deter, detect, and disrupt money laundering and terrorism financing activities.
It simplifies and modernises the AML/CTF regime, making it more effective and easier for businesses to comply with their obligations.
AUSTRAC CEO Brendan Thomas stated that the bill is expected to close existing gaps and reduce the regulatory burden for currently-regulated businesses.
It aims to more effectively detect, deter and disrupt financial crime.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe bill aligns with the digital and instant nature of the global financial system.
Thomas said: “The money being laundered is generated from illegal activities that cause up to A$60.1bn ($39bn) in harm to the Australian community, though crimes such as drug trafficking, cybercrime, scams, child exploitation and human trafficking.
“The historic passing of this bill will strengthen the integrity of the regime, enhance our compliance internationally and protect Australians by disrupting financial crime. We are committed to working closely with the new industry sectors coming under AUSTRAC supervision, to ensure this new system is effective and focuses on making Australia safer.”
Chartered Accountants Australia and New Zealand (CA ANZ) also acknowledged the bill’s passage.
It noted that the reforms are a step forward in meeting international obligations and highlighted the role of chartered accountants in preventing criminal activity.
Members are required to enrol with AUSTRAC by 31 March 2026 and be compliant by 1 July 2026.
CA ANZ plans to collaborate with AUSTRAC to finalise the accompanying rules and develop guidance for accountants.
This partnership aims to ensure that accountants are well-equipped to meet their obligations under the updated AML/CTF regime.
CA ANZ CEO Ainslie van Onselen said: “But in addition to Rules and accounting specific guidance, CA ANZ will also continue to advocate for other improvements that would support the practical adoption of these reforms, including the establishment of a beneficial ownership register, as well as searches on ASIC’s Organisations and Business Names register to be free of charge.”
AUSTRAC has been actively engaging with the industry to ensure awareness and understanding of these obligations.
