Proposed Reforms to Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Regime
On 16 June 2023, AFIA made a submission to the Attorney-General’s Department on proposed reforms to Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime.
Issues discussed included:
Streamlining AML/CTF program and reporting requirements;
Changes to customer due diligence obligations;
Amendments to the ‘tipping off’ offence;
Extending more flexible and modernised ways of facilitating compliance;
Expanding AML/CTF obligations to ‘Tranche 2’ entities – like lawyers accountants and other service providers dealing with regulated entities.
AFIA looks forward to further consultation on this topic scheduled for later in 2023.