Prepare for Australia’s AML/CTF Reform Changes

Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Act 2024 is expected to bring numerous changes to the country’s AML/CTF regime. In addition to providing a stronger and more modern framework, the reforms address current gaps in compliance and will enable Australia to better respond to existing and emerging threats.

The Amendment Act impacts existing reporting entities while extending AML/CTF requirements to a broader audience. Services provided by “Tranche 2” businesses, which include lawyers, accountants, real estate professionals and dealers in precious metals and stones, will be subject to new due diligence and reporting requirements.

The reforms are a crucial step to bring Australia’s AML/CFT regime in line with the international standards set by the Financial Action Task Force (FATF) and similar regulations in other jurisdictions.

With mandatory compliance for existing reporting entities beginning March 2026, there is no time to waste. Download the infographic to learn what actions you can take now to prepare for the new AML/CFT reforms.