Following the recent adoption of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) (“AML/CTF Amendment Act”), AUSTRAC has now turned its attention to amending the current AML/CTF Rules in order to provide clarity and guidance in relation to the significant changes to the AML/CTF regime.
AUSTRAC has released the first Exposure Draft, which details the proposed amendments to the AML/CTF Rules (“New Rules”) and have invited industry feedback on the contents of the Exposure Draft. AUSTRAC has aimed to construct the New Rules in a way which provides clarity to reporting entities with regard to their AML/CTF obligations and removes overly prescriptive and rigid requirements, as well as granting reporting entities with flexibility in the way they comply with their AML/CTF obligations.