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

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.