AML/CTF Archives

The Australian legal profession is on the cusp of significant regulatory change with the passage of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024. This legislation extends the existing anti-money laundering (AML) and counter-terrorism financing (CTF) regime to Australian law firms, marking a substantial shift for the sector. The key commencement date for these new obligations, specifically for tranche two entities providing new designated services, is 1 July 2026 1. To comply with the amended Act, lawyers will need to undertake several crucial steps, including enrolling with AUSTRAC, developing a comprehensive AML/CTF program tailored to their practice, conducting thorough customer due diligence, adhering to strict reporting requirements for suspicious activities and certain transactions, and maintaining detailed records 1. The practical implementation of these obligations will be further defined by…

On November 13, the Australian Transaction Reports & Analysis Centre (AUSTRAC) commented on the civil proceedings that it successfully brought against Tabcorp under Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation (see here). In those statements, AUSTRAC CEO, Nicole Rose, summed up AUSTRAC’s approach to compliance succinctly: AUSTRAC will continue to collaborate with industry to strengthen the financial sector against serious financial crime and reduce regulatory burden where possible, but we will continue to take strong action against those companies who break the law where appropriate In today’s article, we look at how AUSTRAC’s risk-based approach to compliance has informed its regulatory and enforcement program over the 2016-2017 year, as evidenced in its 2017 Annual Report. This provides a good indication as to AUSTRAC’s future focus. Risk-based compliance A risk-based approach…

Tag: AML/CTF

Application of Anti-Money Laundering Obligations on Lawyers in Australia

AUSTRAC’s regulatory approach in 2017