Second Consultation on New AML/CTF Rules Announced by AUSTRAC

The updates incorporate feedback from the initial consultation round, which began in late 2024, with the rules designed to offer reporting entities greater clarity and flexibility in meeting their regulatory obligations.

Key updates to the proposed rules include:

➡️ New requirements on reportable details for threshold transactions and suspicious matter reports;

➡️ New requirements on the information required for enrolment and registration applications;

➡️ Allowing the delay of initial customer due diligence in a wider range of circumstances;

➡️ Greater flexibility in the determination of the lead entity for reporting groups;

➡️ Further details on forming reporting groups;

➡️ Clarifying definitions relevant to value transfer and travel rule requirements; and

➡️ Addressing challenges associated with implementing or meeting the requirements, where possible.

🗓️ Firms have until 27 June to submit feedback on the consultation using the designated channels.