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Proposed Reforms to Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Regime

June 16, 2023

On 16 June 2023, AFIA made a submission to the Attorney-General’s Department on proposed reforms to Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime.

Issues discussed included:

  1. Streamlining AML/CTF program and reporting requirements;
  2. Changes to customer due diligence obligations;
  3. Amendments to the ‘tipping off’ offence;
  4. Extending more flexible and modernised ways of facilitating compliance;
  5. Expanding AML/CTF obligations to ‘Tranche 2’ entities – like lawyers accountants and other service providers dealing with regulated entities.

AFIA looks forward to further consultation on this topic scheduled for later in 2023.

View the submission here.

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