AML/CTF hub
Helping businesses be reform ready
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the Act) reforms were passed by the Australian Parliament in November 2024. Taking effect in 2026, these changes aim to simplify the regulatory framework, enhance compliance, and protect businesses from criminal exploitation. Their purpose is to ensure Australia can effectively deter, detect, and disrupt money laundering and terrorism financing in line with the global Financial Action Task Force’s recommended standards.
The Act introduces key changes for both existing (Tranche 1) and new (Tranche 2) entities.
Tranche 2 entities include real estate professionals (real estate agents, buyers’ agents and property developers), professional service providers (lawyers, accountants, conveyancers and trust company service providers), and dealers in precious stones, metals and products.
Key changes include:
- Simplification and clarification: Making it easier for businesses to comply with AML/CTF requirements while effectively preventing financial crimes.
- Expansion of regulated services: The AML/CTF regime now covers additional high-risk services provided by Tranche 2 entities.
- Modernisation of digital currency regulation: Enhanced regulations for digital currency and virtual asset service providers.
You can find more information on the impact for Tranche 1 and Tranche 2 entities below.
How we help
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Overview
KordaMentha is proud to have played an active role in contributing to anti-money laundering and counter-terrorism financing (AML/CTF) reforms through multiple consultation submissions and as the only representative from the advisory and consulting sector invited to provide evidence at the Senate committee hearing in 2024.
We have worked extensively with our clients to understand and share both their concerns as well as our expertise to contribute to a framework that enhances Australia’s ability to deter, detect and disrupt illicit financing, and protect Australian businesses from criminal exploitation.
We are Australia’s preeminent financial crime risk and advisory team with expertise built from working in, regulating, and consulting to all sectors. We are experienced in the impact of major reforms, through both the Tranche 1 reforms in Australia as well as the Tranche 2 reforms in New Zealand. Our roadmap to being ‘reform ready’ offers a streamlined approach that enables you to meet both legislative requirements and regulatory expectations, setting you on a path for future compliance.
Guidance
We guide you through the impacts and adapt your business processes to meet new AML/CTF compliance requirements. We can also help you prepare for upcoming changes to both existing and new obligations.
Preparation
We conduct ML/TF Risk Assessments to identify and assess risks, so you have the right documents and understand your risk.
Assessment
We develop tailored AML/CTF programs and other essential documents to enable you to comply with the new requirements.
Development
We support you in putting in place appropriate risk-based AML/CTF systems and controls across your business.
Implementation
We deliver bespoke AML training via our KordaMentha Financial Crime Training Academy.
- AML/CTF for existing entities
- AML/CTF for new entrants
