Where things stand
On 10 December 2024, the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 received Royal Assent. The reforms implement significant amendments to Australia’s AML/CTF regime and seeks to close regulatory gaps in line with the Financial Action Task Force standards, expand AML/CTF regulation to capture additional services, reform existing compliance obligations for reporting entities, and extend AUSTRAC’s oversight to a broader range of high-risk sectors.
The reforms generally commence from 31 March 2026 (or 1 July 2026 for newly regulated entities).
AUSTRAC is continuing to release guidance and consult on transitional measures in connection with the amendments.
What’s next
Tranche 1 entities should be well progressed in their work to comply with the amendments. Tranche 2 entities should be identifying their designated services, conducting a risk assessment, forming a reporting group and preparing an AML/CTF Program.
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This article was originally published on 8 September 2025 and updated on 17 October 2025, 19 January 2026 and 13 March 2026.