In September 2024, the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 was introduced before the House of Representatives in Australia. The objective of the Bill is to improve the effectiveness of Australia’s Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regime, with many businesses expected to rely more heavily on AML Software and compliance solutions as part of this strengthened framework.
The Bill expands the scope of Australia’s AML/CTF regime to a new category of entities known as Tranche Two Entities. Tranche Two Entities include the following services:
Our latest video discusses the Tranche Two Entities and the implications of them being regulated under the AML/CTF regulations of Australia. Watch the video now to learn about the AML/CTF obligations that Tranche Two Entities would have to comply with after the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 is enacted.