ACAMS Australasian Chapter October 2024 Virtual Event: AML Reform - The future of AML/CTF in Australia

Overview

Australia is on the cusp of the most significant set of AML/CTF reforms since the introduction of the AML/CTF Act.

The Attorney General’s Department is estimating that the number of business that need to comply with the obligations in the AML/CTF Act will increase by 90,000 to circa 107,000.

The AML Reforms represent a once in a generation change that will have wide-ranging impacts that need to start to be understood and prepared for.

The session will support those impacted by the AML Reforms understanding what is likely to be the AML/CTF regime from mid-2026 and how to start to prepare for achieving compliance with the revised obligations contain in the AML Reforms Bill.

The three key objectives of the AML Reform Bill are:

• to extend the AML/CTF regime to certain higher-risk services provided by real estate professionals, professional service providers including lawyers, accountants and trust and company service providers, and dealers in precious stones and metals—also known as ‘Tranche Two’ entities;
• to improve the effectiveness of the AML/CTF regime by making it simpler and clearer for businesses to comply with their obligations; and
• to modernise the regime to reflect changing business structures, technologies, and illicit financing methodologies.

With the AML Reforms Bill is now making its way through Parliament the session provides an initial opportunity to explore the key concepts and objectives of the AML reforms, including how Tranche Two entities are impacted.

Session attendees will attain an understanding of the changes that will impact existing reporting entities AML/CTF arrangements well as what type of AML/CTF regime is being imposed on the new types of business that will be captured by the AML/CTF Act when it goes live in 2026.