Anti-Money Laundering 101: What Do Australian Accounting Professionals 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 has expanded financial crime compliance requirements to accounting professionals, recognising the sector as high-risk for money laundering. With mandatory compliance beginning on 1 July 2026, now is the time for accounting firms to understand their new obligations and prepare to comply.
What’s Inside?
Key changes introduced by the AML/CTF Amendment Act 2024 – How it impacts accounting professionals.
New compliance obligations – Customer due diligence, reporting requirements, and record-keeping standards.
Practical steps for preparation – Developing an AML/CTF program, risk assessments, and staff training.
Best practices for ongoing compliance – Strengthening monitoring processes and internal AML controls.
Why This Matters
The new AML/CTF obligations for accounting firms are non-negotiable, and failure to comply can result in severe penalties, reputational damage, and regulatory scrutiny. This white paper provides a clear roadmap for accountants to stay ahead of compliance requirements and mitigate financial crime risks.
