On November 29, 2024, the Parliament of Australia passed the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024. It amends the AML/CTF Act 2006 and repeals the Financial Transaction Reports Act 1988 (FTR Act).
The Bill has three key objectives:
– Expand the AML/CTF regime to include additional high-risk services provided by Tranche 2 entities.
– Modernize the regulation of digital currency, virtual assets, and payment technology.
– Simplify and clarify the AML/CTF regime to increase flexibility, reduce regulatory impact, and support businesses in better preventing and detecting financial crime.
