Anti-Money Laundering - Counter Terrorism Financing Rules Forum

The AML /CTF RULES FORUM offers a unique opportunity to gain insights from industry experts, engage in discussions about best practices, and network with peers facing similar challenges. Staying informed about these changes not only helps safeguard your business against legal repercussions but also enhances your reputation in an increasingly scrutinized marketplace.

Keeping ahead of the changes - minimising risk

The Australian Government has unveiled groundbreaking legislation aimed at transforming and broadening the regulation of services vulnerable to financial crime. Set to take effect in 2026, these new laws will apply to services offered both within Australia and internationally. The reforms emphasize a risk-based approach to effectively manage financial crime risks.

 The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (Bill) will impact both existing and new reporting entities, and has three key objectives:

• Extend the AML/CTF regime to additional services provided by lawyers, accountants, trust and company service providers, real estate professionals, and dealers in precious metals and stones (tranche two entities)
• modernise the regulation of virtual assets and payments technology
• simplify and clarify the regime, to increase flexibility, reduce regulatory impacts and support businesses to prevent and detect financial crime.

The proposed amendments aim to close regulatory gaps and bring Australian law in line with the international standards set by the Financial Action Task Force (FATF). These changes are anticipated to dramatically increase the number of reporting entities from approximately 17,000 to around 90,000.
 
If you are classified as a reporting entity, it is crucial to implement an Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) program that outlines your adherence to AML/CTF legislation. This program should serve as a documented framework that explains how you identify, mitigate, and manage the risks connected to your products or services that could potentially be used for money laundering or terrorism financing. Additionally, it must be customized to reflect the specific level of risk that your business or organization may reasonably face.

The AML /CTF RULES FORUM will focus on the following points:

• Oversight and Governance: Governing bodies, such as Boards and senior management, will need to take reasonable measures to ensure that the business effectively identifies, assesses, manages, and mitigates money laundering and terrorism financing (ML/TF) risks.

• Compliance: Explore best practices for developing and implementing compliance programs that meet regulatory requirements

• Regulatory updates: Understand the latest changes to AML/CTF laws and regulations in Australia and their implications for businesses.

• Risk Assessment: Learn about effective methods for conducting risk assessments and identifying vulnerabilities within your organization

• Customer Due Diligence (CDD):

• New Technologies and tools: Discover new technologies and tools that can enhance detection and reporting capabilities.

• Information Sharing and Tipping Off: Discuss the importance of collaboration between public and private sectors in combating money laundering and terrorism financing.

• International Standards:Gain insights into global AML/CTF standards and how they affect Australian practices, including FATF guidelines.