AML/CTF Rules are finalised: Key takeaways

While we await the publication of supporting guidance from AUSTRAC, the New AML Rules are the final piece of the legislative puzzle to implement wide ranging changes to Australia’s AML/CTF regime. The New AML Rules support the implementation of the amended Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (Amended AML/CTF Act) which, for existing reporting entities, will largely take effect from 31 March 2026.

Reporting entities should be focussed on the following to ensure that they are ready for the 31 March 2026 start date:

• undertaking a review of updated designated services;
• considering their ML/TF risk assessment;
• updating their AML/CTF policies; and
• ensuring internal stakeholders buy into the reforms, including ensuring that key personnel with new roles understand their responsibilities.