The Commonwealth Attorney-General has recently introduced the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024, aimed at amending the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and repealing the Financial Transaction Reports Act 1998.

The proposed changes signal Australia’s strengthened commitment to combatting money laundering and terrorism financing, targeting criminal activity more effectively. For more information on the proposed reforms, including key measures of the bill and proposed timing, you can find our previous update here.

In the first instalment of our Trend Watch video series, Head of Class Actions Amanda Beattie and senior associate Jonathon Ferraro touch on key legal developments and updates regarding the proposed reforms to the AML/CTF Act, what’s driving the change, and how they’ll impact regulated, and soon to be regulated, entities.

They also provide insights on best practices for developing an AML compliance ‘program’ to detect and deter illicit activities, and what key areas to consider when conducting a risk assessment.

Watch the full discussion below.

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Sign up to receive our latest updates below, and if you have any questions or would like advice on the AML reforms, please reach out to either Amanda or Jonathon.