The Australian Government has introduced an amendment bill in Parliament that would reframe AML/CTF program and KYC requirements and extend the AML/CTF regime to new types of entities.
In brief
On 11 September 2024, the Australian Government released a much-anticipated bill which proposes to extend the anti-money laundering and counter-terrorism financing (AML/CTF) regime to real estate professionals, professional service providers including lawyers, accountants and trust and company service providers, and dealers in precious stones and metals (the tranche two entities).
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