In May 2024, the Attorney-General’s Department announced the second stage of proposals to complete the implementation of global AML/CTF standards and update the Australian AML/CTF regime.
The proposals fall into three categories: 10 new designated services extending the regime to real estate and other gatekeeper professions, reforms to address the evolution of digital currencies and payments technology, and amendments to simplify and modernise Australia’s AML/CTF laws.
The proposals are significant and affect many industries that were not previously regulated as well as all current providers of designated services.
The consultation period is an important opportunity to consider the practical implications of the proposals. Tranche 2 is the most important reform of the AML/CTF laws since their enactment in 2006.
For more information – Tranche Too Far: When Anti-Money Laundering Meets Extreme Makeover
