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The revised AML/CTF Act introduces significant changes to the current AML/CTF Program, shifting from a prescriptive, compliance-based approach to a more flexible, outcomes-based framework, emphasising the importance of effectively managing ML/TF/PF risks.
Reporting entities must address these changes to ensure compliance, which involves updating risk assessments, policies, and procedures.
The breadth of these changes requires a comprehensive overhaul of existing AML/CTF programs, focusing on achieving meaningful results in preventing financial crime. By adapting to these new requirements, entities can enhance their ability to combat ML/TF threats and maintain regulatory compliance.
An Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) program is essential to support organisations complying with AML/CTF obligations and requirements.
Under the AML/CTF Act 2006, all reporting entities must have (before providing designated services) and maintain (throughout the time they are providing designated services) an AML/CTF Program that appropriately identifies, mitigates, and manages their ML/TF risk and addresses the AML/CTF system and control requirements set out in the AML/CTF Rules.
The revised AML/CTF Act introduces significant changes to the existing AML/CTF Program, shifting from a prescriptive, compliance-based approach to a more flexible, outcomes-based framework.
This new approach emphasises the importance of the effectiveness of AML/CTF measures set out in the AML/CTF program. It allows reporting entities to tailor their AML/CTF Programs to their specific risk profiles, improve the overall effectiveness of AML/CTF measures, and ensure a focus on achieving meaningful results in preventing ML/TF.
For reporting entities, the transition to the revised AML/CTF Act will require significant adjustments to their existing AML/CTF Programs.
An AML/CTF program is a comprehensive set of policies, procedures, and controls designed to prevent, detect, and report money laundering and terrorism financing (ML/TF) activities. The primary goal of an AML/CTF program is to ensure that reporting entities can identify, mitigate and manage their risks associated with ML/TF.
The current AML/CTF Program is divided into two parts:
Part A: Focuses on identifying, mitigating, and managing ML/TF risks that are appropriate to the level of risk the business faces. It includes establishing and documenting controls to comply with the requirements set out in Chapters 8/9 and 15 of the AML/CTF rules.
Part B: Details the customer identification and verification procedures, including identifying beneficial owners and politically exposed persons (PEPs), set out in Chapter 4 of the AML/CTF Rules.
The AML reforms introduce significant changes to the AML/CTF program requirements, shifting from a prescriptive, compliance-based approach to a more flexible, outcomes-based framework:
The separation of the AML/CTF program into Part A and Part B is no longer required. Reporting entities can now organise their AML/CTF programs to meet their needs best, provided they comply with the AML/CTF Act-mandated obligations.
A specific requirement is to identify, assess, and document the risks related to money laundering and terrorism financing (ML/TF) and proliferation financing (PF).
Clarifying the role and importance of AML/CTF policies and procedures as part of an AML/CTF program.
The new requirements emphasise the effectiveness of AML/CTF measures, allowing entities to tailor their AML/CTF programs to their specific risk profiles.
There is an increased focus on the role of governing bodies and senior management in overseeing ML/TF/PF risk and AML/CTF compliance and the need to take reasonable steps to comply with AML/CTF obligations, including an explicit requirement to appoint a fit and proper AML/CTF compliance officer responsible for implementing the AML/CTF program.
The revised AML/CTF Act introduces a significant change by replacing the concept of a ‘designated business group’ with a ‘reporting group’ concept. This new framework allows related entities, including non-AML/CTF reporting entities where appropriate, to meet their AML/CTF obligations collectively.
The AML/CTF program changes are intended to support reporting entities in enhancing their AML/CTF measures, ensuring better compliance and more effective risk management.
Under the revised Australian AML/CTF Act, an AML/CTF program comprises several key documents, each crucial in ensuring compliance with revised AML/CTF obligations.
Risk assessment
This document sets out the systematic and structured identification of ML/TF risks, an assessment of the likelihood and impact of those risks, and the documentation of the risk assessment process.
Forms the foundation of the AML/CTF program by identifying and evaluating the specific risks faced by the reporting entity and guiding the development of tailored AML/CTF policies and procedures.
The risk assessment informs all other documents, ensuring the AML/CTF Program is risk-based and focused on the most significant threats.
AML/CTF policy
This document outlines the reporting entity's approach to managing and mitigating identified ML/TF risks and ensuring compliance with the general requirements in the AML/CTF Act and AML/CTF Rules.
The AML/CTF policies must be developed based on the risk assessment and provide the framework for the procedures manual.
Procedures manual
This document provides detailed instructions on implementing AML/CTF policies, ensuring consistency and effectiveness in applying AML/CTF measures.
The procedures manual operationalises the policies and is informed by the risk assessment by providing detailed procedural guidance to ensure consistency and effectiveness in applying AML/CTF measures.
The procedures manual provides practical guidance for staff on how to comply with AML/CTF obligations.
Next steps
To prepare for and address the changes to the AML/CTF program under the revised AML/CTF Act, reporting entities should follow a structured, step-by-step approach:
1 - Conduct a comprehensive risk assessment
Review and, where necessary, create a detailed risk assessment document that evaluates the specific ML and TF risks faced, including consideration of proliferation financing (PF) risks.
2 - Develop AML/CTF policy
AML/CTF policies are required to address the identified risks and comply with the new AML/CTF Act requirements. The policies must align with the outcomes-based framework and adequately cover ML/TF/PF risks.
Whilst it is possible to revise an existing AML/CTF program document to create a new one that will be a policy document, given the nature of the changes set out in the AML/CTF Act, it is recommended that existing reporting entities develop a new AML/CTF policy document. This will support the parallel management of compliance with the current AML/CTF requirements while preparing for compliance with the new AML/CTF requirements.
3 - Create a detailed procedures manual
Review and, where necessary, revise or develop a procedures manual(s) that provide detailed instructions on implementing the AML/CTF policies set out in the AML/CTF policy, ensuring the manual promotes consistency and effectiveness in applying AML/CTF measures.
4 - Stay informed
Monitor for additional AML/CTF Rule requirements and guidance AUSTRAC provides. It is understood that the AML/CTF Rules will be published around June 2025, with core Guidance published by AUATRAC in August 2025.
Civil penalty provisions
The revised AML/CTF Act introduces new civil penalty provisions related to the development and maintenance of an AML/CTF program, increasing the regulatory risk related to non-compliance. These include civil penalty provisions for failure to document an AML/CTF program, failure of the AML/CTF Program to cover mandated requirements, and failure to notify the governing body of AML/CTF program changes.
We are here to help
Although the new AML/CTF requirements won't be enforced until 2026, it is vital to start planning and preparing for compliance with the revised AML/CTF requirements now.
With a short lead time to compliance and limited AML/CTF experts across Australia, demand will only continue to increase as the compliance date approaches.
If you would like to discuss any of the above with one of our AML/CTF specialists, please reach out.
Learn more about how our Anti-Money Laundering reforms services can help you
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