Anti-Money Laundering 101: What Do Australian Virtual Asset Service Providers Need to Know About the AML/CTF Amendment Act 2024 and How Can They Start to Prepare to Comply?

The AML/CTF Amendment Act 2024 expands Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime to include Virtual Asset Service Providers (VASPs). With mandatory compliance beginning on 31 March 2026, businesses involved in crypto exchanges, digital wallets, stablecoins, and NFTs must act now to understand their obligations and establish a compliant framework.

This white paper provides a detailed breakdown of the new regulations and outlines practical steps for compliance.

What’s Inside?

• Key regulatory changes under the AML/CTF Amendment Act 2024 – What’s new and how it impacts VASPs.
• New compliance requirements – Customer due diligence (CDD), risk-based AML programs, and suspicious transaction reporting.
• How to prepare for compliance – Registration with AUSTRAC, AML risk assessments, and governance structures.
• Best practices for virtual asset businesses – Strengthening KYC procedures, transaction monitoring, and risk management.

Why This Matters

With cryptocurrency and virtual asset services now under heightened scrutiny, non-compliance can result in severe penalties, regulatory action, and reputational damage. This white paper provides a step-by-step roadmap to ensure VASPs meet compliance requirements and mitigate financial crime risks.