Legislation to strengthen Australia’s AML/CTF regime has passed Parliament
29 November 2024 – AUSTRAC has welcomed the passing of theAML/CTF Amendment Bill 2024 through Parliament which will see significant changes to modernise and uplift the AML/CTF regime. The bill:
- expands the AML/CTF regime to certain high-risk services provided by lawyers, accountants, trust and company service providers, real estate professionals, and dealers in precious metals and stones – also known as ‘tranche 2’ entities
- improves the effectiveness of the AML/CTF regime by making it simpler and clearer for businesses to comply with their obligations
- modernises the regime to reflect changing business structures, technologies and illicit financing methodologies.
More information as to how the industry can implement these changes will be shared by AUSTRAC through their website throughout December. Read more here.
ASIC update on maintenance of regulatory guides
25 November 2024 – ASIC is updating a number of their regulatory guides (RGs) to ensure they remain effective and appropriate. ASIC plan on consulting stakeholders in 2025 to update some key RGs factoring account law reform, insights from case law about the provisions and other relevant issues.
The RGs on ASIC’s radar for 2025 include:
- Regulatory Guide 53 The use of past performance in promotional material
- Regulatory Guide 168 Disclosure: Product Disclosure Statements (and other disclosure obligations)
- Regulatory Guide 181 Licensing: Managing conflicts of interest
- Regulatory Guide 183 Approval of financial services codes of conduct, and
- Regulatory Guide 234 Advertising financial products and services (including credit): Good practice guidance. Read more here.
