Photo AI generated As a Tranche 2 business, the deadline to operationalise your AML/CTF Compliance Program is nearing! AUSTRAC has handed you a head start, by rolling out the AML/CTF Program Starter Kit . The next move is yours! AUSTRAC's guidance mentions that the Program Starter Kit 'once customised to your business and approved by a senior manager, it becomes your business’s AML/CTF program'. So it is important to ask - if you adopt it as-is, does it reflect the nuances of

Some recent updates from AUSTRAC

AUSTRAC and Department of Home Affairs are working on Transitional Rules that will bring relief to the Reporting Entities implmenting new AML/CTF reforms. These rules will be notified, once finalised after a consultation round. Image AI generated a.  Summary of key deferrals under the Transitional Rule for existing Reporting Entities General Transitional Relief: Initial CDD: 3-year transition period until 30 March 2029 Ongoing CDD: Must implement from 31 March 2026 (no deferr