Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024

Latest updates and emerging developments

December 2024: AUSTRAC consultation on Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Rules

AUSTRAC have released information on the AML / CTF regime and also tools:

You can also view the AUSTRAC AML/CTF Reform page for details about the reforms and links to more information.

During the calendar year 2025, IPA members in practice will need to consider whether they will become a ‘reporting entity’ based on the provision of one or more of the designated services and if so, they will need to register with AUSTRAC and comply with an AML/CTF program.

Please be assured that the IPA is working closely with the other accounting bodies and AUSTRAC on the development of the Rules but also on guidance and practical support for our members to comply with the extended regime.

Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF)

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 came into effect in 2006 and has a list of designated services in Section 6, Tables 1 to 3.

The Tranche two reforms in the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 which passed Parliament on 29 November 2024 and received Royal Assent on 10 December 2024, expands designed services to include the services offered by professionals such as Accountants and Lawyers from 1 July 2026

The AML / CTF Rules are currently being developed and it is anticipated will be finalised by June 2025.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) is responsible for supervising compliance.

Introductory webinar for the Accounting profession:

The joint Accounting bodies recently held a webinar: How you can protect your practice from criminal exploitation.

In this webinar, you can hear from the CEO of AUSTRAC, Brendan Thomas, on how criminals try to launder money through professional services and why the AML/CTF regime can protect your practice

https://players.brightcove.net/6015111615001/default_default/index.html?videoId=6364928937112

Resources:

AUSTRAC have also made available a number of resources and there will be more tailored resources coming, to help you comply with anti-money laundering and counter-terrorism financing (AML/CTF) obligations.