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

Image: AI generated 1. What are ‘designated services’ and why do they matter? Under the AML/CTF Act, a business becomes a reporting entity if — and the moment — it provides a designated service and has a link to Australia. (For Tranche 2 entities providing designated services, the applicability date is 1 July 2026.) Designated services are identified because they carry potential money laundering and terrorism financing (ML/TF) risks. Once a business provides a designated serv

This articles explains the new concept of Reporting Group - introduces as part of the AML/CTF reforms - in an FAQ form.

Appointing an AML/CTF Compliance Officer in the new AML/CTF regime has some different rules to the game.