Consultation on AML/CTF Draft Rules (Round 1)
Submission Date: 21 February 2025
The Law Council of Australia provided a response to the Public Consultation on New AML/CTF Rules opened by the Australian Transaction Reports and Analysis Centre (AUSTRAC) for input on 11 December 2024.1
The Law Council provided comments on the Exposure Draft Rules (Draft Rules). This is contrasted with the existing rules (AMLCTF Rules).
This submission contains substantial input from the legal profession, including submissions from the Law Society of NSW, the Law Society of Western Australia, the Victorian Bar Association, the Law Society of South Australia, the Queensland Law Society, Law Firms Australia and the Financial Services Committee of the Business Law Section of the Law Council of Australia. The supplementary submission provides input from Law Institute of Victoria and contains important information for the legal profession generally and Victorian practitioners specifically.
For ease of reference, we refer to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) as an integrated whole (AML/CTF Act).
The document is divided into Part A and Part B. Part A provides answers to specific rules consultation questions to the extent we are able. Part B contains comments and specific detail in relation to the Draft Rules.
1 https://www.austrac.gov.au/business/consultation-industry/public-consultation-new-amlctf-rules
Last Updated on 30/04/2025
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