Big Changes Coming To AML/CTF Laws- What Our Clients Need To Know
The government has announced major reforms to Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws .
This is the biggest update in nearly 20 years. These reforms aim to modernise how Australia combats financial crime and bring us into line with international standards. While not every business will be affected, some sectors will face new or expanded reporting and compliance obligations.
Sectors likely to be impacted include:
- Accountants and bookkeepers
- Real estate agents
- Lawyers and conveyancers
- Dealers in precious metals and stones
The activities you undertake, such as managing client funds, setting up companies or trusts, or handling large transactions, will determine if these new rules apply to you.
AUSTRAC’s national awareness campaign will help businesses understand what’s changing and how to prepare, with guidance and tools rolling out over the next year.
👉 We’re here to help. If you’re unsure whether these reforms could affect your business, contact our team to discuss what it means for you.
You can read more here
- https://www.austrac.gov.au/national-reforms-awareness-campaign-launch
