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“Phase 1.5” in Australia’s Anti-Money Laundering and Counter-Terrorism Financing Reforms

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Gray Jason
Jason Gray

Partner

Sydney

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Edward Einfeld

Senior Associate

Sydney

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Jessica Ji

Senior Associate

Sydney

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11 November 2019

On 17 October 2019, the Australian Government introduced a bill into Parliament to implement the next phase of reforms to the country’s anti-money laundering and counter-terrorism financing (“AML/CTF”) laws. 

If enacted, businesses will have the opportunity to save time and money when performing customer due diligence, though will also need to update their AML/CTF programs to ensure continued compliance.