AML/CTF reforms: Rules take shape with further Consultation

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AMLCTF reforms-Rules take shape with further Consultation

12 Jun 2025 Insight

Article - By Alice Molan Bryony Adams Charlotte Henry Kate Cahill Jacqueline Wootton Leon Chung Julia Massarin Daniel Hyde Felix Hu Priscilla Bourne

AUSTRAC has released the second round of consultation on the Draft Rules accompanying the amended Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth), following significant reforms introduced by the 2024 Amendment Act.

This latest consultation introduces key updates to the proposed regulatory framework, including:

A redefined definition for lead entities;
Enhanced requirements for AML/CTF policies, including independent evaluations and sanctions compliance;
Clarified obligations around customer due diligence, beneficial ownership, and politically exposed persons (PEPs);
New governance expectations for senior managers and AML/CTF Compliance Officers;
Streamlined definitions for value transfers and expanded reporting obligations.

The consultation is open until 27 June 2025, and AUSTRAC encourages feedback from reporting entities and stakeholders to refine the Draft Rules before final implementation.

Read our article to explore the full details and implications of the proposed changes.