The Rules provide supplementary detail to obligations under the amended AML and CTF Act 2006 and aim to enhance the laws to meet global best practice
Key changes include:
➡️Current obligations: Changes include updates to due diligence requirements and the definition of bearer negotiable instruments;
➡️Reporting requirements: Updates to the information reported to AUSTRAC through the enrolment and registration process; and
➡️ Covered industries: Expanded coverage of rules to businesses in tranche 2 sectors such as accountants and lawyers.
🗓️ Firms operating in Australia should review the new Rules to identify affected controls and obligations ahead of their introduction, beginning 31 March 2026.
AML/CTF/CPF
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