Anti-Money Laundering 101: What Do Australian Trust and Company Service Providers Need to Know About the AML/CTF Amendment Act 2024 and How Can They Start to Prepare to Comply
Are You Ready for Australia’s New AML/CTF Obligations?
The AML/CTF Amendment Act 2024 expands Australia’s anti-money laundering framework to include trust and company service providers (TCSPs), recognising them as high-risk for financial crime. With mandatory compliance commencing on 1 July 2026, TCSPs must act now to understand their obligations, establish compliance frameworks, and mitigate financial crime risks.
What’s Inside?
Key legislative changes – What the AML/CTF Amendment Act 2024 means for TCSPs.
New compliance obligations – Customer due diligence, reporting requirements, and record-keeping.
Practical steps for compliance – AML program development, risk assessments, and staff training.
How to safeguard your business – Strengthening internal controls, transaction monitoring, and industry engagement.
Why This Matters
As TCSPs become a regulated sector under Australia’s AML/CTF laws, non-compliance can result in severe financial penalties, regulatory scrutiny, and reputational damage. This white paper provides a clear roadmap for TCSPs to implement risk-based compliance strategies and protect against financial crime risks.
