Second stage consultation on reforming Australia’s AML/CTF regime

The Attorney-General has initiated the second stage of consultation on reforming the AML/CTF regime. Detailed proposals are outlined in consultation papers released by the Attorney-General's Department, building on feedback from the initial round of consultation in 2023. Submissions are invited by 5:00 pm AEST 13 June 2024.

Key aims of the reforms include:

• Extending AML/CTF obligations to tranche 2 sectors (e.g., lawyers, accountants, real estate agents, dealers in precious metals and stones).
• Simplification and modernisation of the regime to align with international standards.
• Reduction of regulatory burden on industry.
• Enhanced responsiveness to evolving threats.
• Increased protection of Australian businesses from exploitation by organized crime.

The Department welcomes feedback from current and prospective reporting. View the papers on the Department’s website. Read more on the Media release.

Policies affected: Provision of regulatory data policies and procedures

Organisations affected: Market participants?

If the above changes apply to your organisation, contact MIntegrity for help with updating your policies or consulting.