Scams Prevention Framework and AML/CTF Reforms: Coordinating your approach

Two significant pieces of regulatory reform have been enacted by the Federal government with the passage of:

• the Scams Prevention Framework Bill 2025, to amend the Competition and Consumer Act 2010 (Cth) (CCA) in February 2025; and
   
• the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024, to amend the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) in December 2024.

These two separate regulatory reforms have their own scope, regulatory, obligations and start date. But they also have a lot in common. Given the significant intersection between the regimes, banks should be taking a coordinated approach to these reforms. In this article, we have considered key aspects of the Scams Prevention Framework and how this relates to -anti-money laundering and counter terrorism financing developments for the banking sector.