AML/CTF reform in Australia is almost here

AML/CTF reform in Australia is almost here

The Australian Government introduces legislation that will transform the country’s approach to combating financial crime

A key development in the long-awaited second tranche of reforms to Australia’s anti-money laundering/counter terrorism financing (AML/CTF) regime just happened: The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 was introduced into Australia’s Parliament.

The Bill’s main objectives are to expand the AML/CTF regime to lawyers, accountants, trust and company service providers, real estate professionals and dealers in precious metals and stones. It also modernises the regulation of virtual assets and payments technology, and addresses the increasing use of digital currencies and virtual asset service providers. Finally, it reduces regulatory burdens and increases flexibility for businesses by streamlining compliance processes. The hope is this will improve business’ ability to prevent and detect financial crime.

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Australia’s money laundering scandals

Australia’s money laundering scandals

A deep dive into the Commonwealth Bank of Australia’s failures that resulted in massive AML breaches

The Commonwealth Bank of Australia (CBA), one of the nation’s largest and most prestigious financial institutions, was found to have failed in its duty to prevent money laundering on an enormous scale. The bank, which has extensive operations throughout Australia and the Asia-Pacific region, was exposed for neglecting to report over 53,000 suspicious transactions, totalling a staggering $624 million. 

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