Major reforms to Australia’s anti-money laundering and counterterrorism financing (AML/CTF) regime come into effect Tuesday, imposing new rules on regulated businesses before they spread to accountants, lawyers, and precious gem dealers.
Businesses moving, storing, and processing large volumes of cash face new reporting obligations, designed to cut down on financial crime costing the community $82 billion each year.
Here’s a non-exhaustive look at the reforms, before they expand to even more small businesses.
Reforms to the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 are designed to strengthen, simplify, and expand the federal government’s regulatory toolkit.
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Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
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