As part of its ongoing efforts to enhance Australia's financial crime detection and prevention framework, AUSTRAC continues to issue...

[The AML/CTF Amendment Bill has passed in the Parliament on 29/11/2024. Refer chronology, details and a summary of amendments to the Bill towards the end of this article] [The AML/CTF Amendment Bill has received the Royal assent on 10/12/2024, and has thus become an Act (No 110 of 2024)] Background In a significant step, the Attorney General introduced the Anti-Money Laundering and Counter-Terrorism Financing ( AML/CTF ) Amendment Bill 2024 (Amendment Bill /Bill) into Parlia

AUSTRAC recently unveiled the Money Laundering (ML) and Terrorism Financing (TF) National Risk Assessments 2024 (NRA). The NRAs will be a...

Seven years and two failed attempts later, the Crimes Legislation Amendment (Combatting Foreign Bribery) Bill 2023* (‘2024 Act’) to...

Summary: The AML/CTF Act has recently been amended, the effect of which is a significant increase in the penalties if your business providing designated services is not enrolled within 28 days of commencing the provision of these services. The change results in businesses accruing daily penalties of upto $3,756, or $18,780 for bodies corporate, from 9 November 2023. Businesses should review their enrollment status and if not enrolled, take immediate action before the above da