The Australian Parliament passed the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 on 29 November 2024, amending the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
With the aim to close regulatory gaps and bring Australian law in line with international standards, the new legislation introduces a number of material changes.
One of the changes is the extension of Australia’s current Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regime to certain ‘designated services’1 typically provided by the following professions and businesses operating in Australia (Tranche 2 Businesses):
- Real estate professionals – such as real estate agents, buyers’ agents and property developers
- Dealers in precious stones, metals and products
- Lawyers
- Conveyancers
- Accountants
- Trust and company service providers
This means Tranche 2 businesses operating in Australia providing certain ‘designated services’ under the new legislation will need to enrol with AUSTRAC by 31 March 2026 and comply with the new legislation by 1 July 2026.
The change could present challenges for new and existing reporting entities operating in Australia, especially when it comes to adopting solutions for customer due diligence and ensuring AML/CTF compliance.
Prepare for new AML/CTF obligations now
With the new AML/CTF obligations coming into effect in 2026, Tranche 2 businesses operating in Australia must act early to ensure compliance. Failure to do so could result in significant penalties.
We can help you navigate the new regulations and manage potential risks. With clients operating in Australia across major banks and financial institutions, online gaming, major telecommunications, utilities, and government bodies, we have experience and expertise in helping clients adopt identity verification and fraud solutions, to support their AML/CTF needs. Find out more on our AML and KYC compliance requirements page.
Get in touch today – fill out the enquiry form below.
To learn more about the new legislation in Australia, please visit the AUSTRAC Website.
1. See section 6 of the AML/CTF Act 2006 for the definition of ‘designated services’.
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