The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Bill will extend the AML/CFT Act to cover real estate agents and conveyancers; many lawyers and accountants; some businesses that deal in expensive goods; and betting on sports and racing.
Some of the proposed reforms will also affect Phase 1 businesses (that is, banks, casinos and a range of financial service providers). For example, see Working with others to reduce your anti-money laundering compliance costs and Reporting suspicious activities.
If you’re in one of the Phase 2 sectors listed above and you provide services at high risk of being exploited by criminals, you’ll have to put AML/CFT measures in place.
Find out if your business is affected by the proposed reforms and what you’ll need to do.
Support will be available to help businesses understand and do what’s required.
If you'll have AML/CFT responsibilities, you won’t necessarily need to do them all by yourself. You may be able to share some of the costs with related businesses (for example, if you’re a subsidiary or part of a franchise) or outsource some tasks to others who can do them more cost effectively than you can.
Businesses have to tell Police if they notice things that are potential signs of money laundering and terrorist financing. Proposed changes to what you have to report will affect all businesses that currently – or will – have to comply with the AML/CFT laws.
This page was last updated: