Updated draft AML/CTF Rules

The Australian Transaction Reports and Analysis Centre's (AUSTRAC) second public consultation on the new AML/CTF Rules is now open for submissions.

The updated draft AML/CTF Rules address feedback AUSTRAC received in the first round of consultation including:

• broadening the range of circumstances where a delay in initial customer due diligence is allowed

  
  

• clarity in forming reporting groups and determining the lead entity

  
  

• the travel rule, that is, the requirement for information about the payer and payee to be included with telegraphic transfers, remittances, transfers of virtual assets and other value transfers

  
  

• new requirements on reportable details for threshold transaction reports and suspicious matter reports

  
  

• new requirements information required for enrolment and registration applications.

The AML/CTF Rules framework will comprise two separate instruments:

1. the Anti-Money Laundering and Counter Terrorism Financing Rules 2025

   
   

2. the AML/CTF (Class Exemptions and Other Matters) Rules 2007 (Class Exemption Rules) are released for public consultation for the first time.

The consultation period for the second exposure draft closes on 27 June 2025.

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How Opportuna Legal can help

Opportuna Legal advises businesses on AML/CTF compliance obligations, including the implementation of new rules and reporting requirements. If you need guidance on preparing for the updated AML/CTF framework, please contact Opportuna Legal.

Contact: reception@opportunalegal.com.au | +61 8 6110 3748

Anthony Jarvis | Director, Opportuna Legal

Anthony Jarvis is the Director of Opportuna Legal, a corporate and commercial law firm based in Perth, Australia. Anthony advises private companies, founders, and boards on M&A, capital markets, corporate governance, and commercial contracts.

This article is general information only and does not constitute legal advice. Readers should obtain professional advice specific to their circumstances before acting on any of the information contained in this article.