Overview

The Attorney General’s Department has published its 2nd round of consultation, a crucial step in the proposed AML reforms. These reforms, which are part of a once-in-a-generation reform agenda, are set to significantly impact existing reporting entities over the next 2-3 years.

AUSTRAC is about to receive an additional $166 million in funding to prepare for and implement the reforms. While the focus has been on Tranche 2 entities, the proposed reforms set out in the consultation are not just minor tweaks. They are comprehensive and wide-ranging, detailing significant changes to the current compliance requirements that all existing reporting entities need to fully grasp and prepare for.

ACAMS Australasian Chapter will host a free webinar providing a unique opportunity to understand the extent of the proposed AML Reforms and what they may mean for existing and new reporting entities before the consultation closes on June 13th.

AML Reforms include proposals relating to the money remittance sector, the digital assets sector, the Travel Rule, IFTI Reporting, the Risk-Based Approach, AML/CTF Program, AML/CTF Compliance Officer role and responsibilities and all aspects of Customer Due Diligence.

Agenda

AML Reforms covered by Paper 4, which includes proposals for Remittance (Value Transfer Services) Services, Digital Asset Services, the Travel Rule, and IFTI Reporting.

AML Reforms covered by Paper 5 which includes proposals relating to the Risk-Based Approach, AML/CTF Program, AML/CTF Compliance Officer role and responsibilities and all aspects of Customer Due Diligence.