AML/CTF Reform in Australia: Implications for Asset Protection & Crypto
The Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (the Amendment Act) represents a significant overhaul of Australia's financial crime regulatory framework. Passed by Parliament on 29 November 2024 and receiving Royal Assent on 10 December 2024, this legislation marks the most substantial reform to Australia's anti-money laundering and counter-terrorism financing (AML/CTF) regime since its inception. The Amendment Act extends regulatory oversight to previously unregulated sectors, modernizes the approach to digital assets, and introduces more flexible, risk-based compliance obligations.