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The final amendments to the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Rules, published on 30 August 2025, introduce a series of structural and operational changes following extensive consultation by AUSTRAC and industry feedback.

The AML/CTF Reforms require reporting entities to develop and maintain AML/CTF policies that achieve both ML/TF/PF risk mitigation and management as well as AML/CTF compliance.

In today’s fast-moving business landscape, Boards must take a strategic approach to governance. This article explores key priorities including regulatory compliance, cyber and AI risk, operational resilience, and navigating market volatility.

The revised Australian AML/CTF Act 2024 introduces the concept of value transfer chains to enhance transparency and traceability in value transfers, including money, virtual assets, and property.

The current AML/CTF regime only extends to digital currency exchanges regulating exchanges between digital currency and fiat currency. The new Act introduces significant amendments to extend coverage to a broader range of virtual assets and virtual asset service providers (VASPs) through a revised set designated service.

The International Funds Transfer Instruction (IFTI) reporting regime is a critical component of AML/CTF framework. It requires certain businesses to report international funds transfers to AUSTRAC.

The revised Australian AML/CTF Act 2024 introduces the concept of a 'reporting group,' which allows related entities to manage and mitigate common AML/CTF risks more efficiently by sharing compliance responsibilities and resources. This concept aims to streamline compliance efforts and enhance the overall effectiveness of AML/CTF measures across related entities.

Australia's AML reforms are transitioning the initial Customer Due Diligence (CDD) requirements from the AML/CTF Rules to the AML/CTF Act, focusing on an outcomes-based framework to enhance clarity and effectiveness of CDD processes.

In this episode, Risk Consulting Partners and AML/CTF experts Neil Jeans and Katherine Shamai discuss the implications of the new AML/CTF Amendment Act, AUSTRAC’s expanded authority to investigate organisations, and the important questions Board should be asking management teams when it comes to the new reforms.

An AML/CTF program is crucial for organisations to comply with AML/CTF obligations. Under the AML/CTF Act 2024, all reporting entities must establish and maintain an AML/CTF program that identifies, mitigates, and manages ML/TF risks before and during the provision of designated services.

Australia has commenced reforming its Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) regime including the ‘Tranche 2’ reforms, which expand AML/CTF compliance to apply to additional professions including lawyers, accountants, real estate agents, property developers, and precious stone dealers.

Money Laundering / Terrorism Financing/Proliferation Financing (ML/TF/PF) risk assessment is a process of identifying, assessing, and understanding the risks of money laundering, terrorist financing, and proliferation financing (ML/TF/PF) that an organisation may face. It involves evaluating various factors to determine the level of risk and the implementation of appropriate measures to mitigate those risks.