The new anti-money laundering counter terrorism financing laws in Australia / James O'Donovan.

Pyrmont, N.S.W. : Thomson Reuters (Professional) Australia Limited, 2026.

1st edition

203186

Australia. -- Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

Money laundering -- Australia -- Prevention.

Money laundering -- Law and legislation -- Australia.

Terrorism -- Prevention -- Australia.

1. Introduction and overview

2. The scope of the AML/CTF regime

3. The obligations of reporting entities: enrolment, policies and programs

4. Customer due diligence

5. Reporting obligations

6. Record-keeping obligations

7. New regulatory challenges

8. Transfers of value and international value transfer services

9. Austrac's powers to gather information and conduct examinations

10. Exemptions and exceptions

11. Offences and defences

12. Enforcement: penalties and remedies

13. Evaluation of the AML/CTF regime

Appendix 1. State and Territory legislation on money laundering and proceeds of crime.

From 1 July 2026, all lawyers and accountants, sole practitioners, medium and large firms will be subject to the new Anti-Money Laundering and Counter Terrorism Financing laws in Australia (tranche 2 reforms). There are six new obligations that will apply: 1. AUSTRAC enrolment ; 2. Your own AML/CTF program including risk assessments, policies and staff training all tailored to your practice ; 3. An AML/CTF Compliance Officer appointment to oversee AML/CTF policy and updates operation ; 4. Customer Due Diligence – initial, ongoing and enhanced ; 5. Mandatory reporting– threshold transactions, suspicious matters, international transfers ; 6. Record keeping. Your clients are equally affected, including real estate agents, developers, and precious metal dealers, all of whom fall under these requirements. When questions arise about their compliance obligations, they will look to you for answers. Enforcement measures for money laundering violations range from imprisonment to substantial fines and civil penalties. Perhaps more damaging is the reputational fallout, which could permanently derail careers. Notably, AUSTRAC has announced its intention to shift focus from corporate liability to individual accountability in tackling money laundering offenses. This book provides guidance on the new obligations, including how to comply, protect your practice, and advise your clients. - Publisher's website.

Includes bibliographical references and index.

9780455503905

xliv, 664 pages ; 25 cm