KordaMentha presents at Senate Hearing into Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024

Wednesday, 30 October 2024

KordaMentha welcomed the opportunity as the only representative from the advisory and consulting sector to participate in further debate as Senate continues to consider proposed changes to the Anti-Money Luandering and Counter-Terrorism Financing Amendment Bill 2024 ('The Bill').

Grace Mason, Partner in KordaMentha’s Financial Crime team represented the firm before Parliament this morning regarding The Bill.

The Bill seeks to modernise our AML regulatory framework and extend regulations to lawyers, accountants, trust and company service providers, real estate agents and dealers in precious metals and stones, commonly referred to as “tranche-two entities”.

The proposed reforms would bring Australia in line with accepted international standards met by all but a small handful of countries.

KordaMentha fully supports the proposed changes to modernise and simplify the existing regime, as well as including the additional sectors into the regime.

However, we have strong reservations in relation to the proposed implementation period. We believe that transition timeframes need to factor in the finalisation of the associated AML/CTF Rules and guidance to allow for impacted businesses to realistically start building their processes, systems and controls to achieve compliance. 

Read KordaMentha's full submission to the Legal and Constitutional Affairs Legislation Committee inquiry into The Bill here.