In April of this year the Attorney-General announced a public consultation on proposed reforms of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime. The consultation aims to simplify and modernise the operation of the regime, impacting all current reporting entities.
It is also proposed that real estate agents, lawyers, accountants as well as trust and company service providers are regulated under the AML/CTF regime. This is likely to increase the number of reporting entities to over 100,000+.
The above is occurring in part due to planned 2026 Mutual Evaluation by FATF. This panel will consider the proposed reforms, including the regulation of Tranche 2 entities, and how this will impact Australia’s AML/CTF regime now and into the future.
1 ACAMS Credit
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