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Video: Tranche Two: Impact and implementation
Video: Tranche Two: Impact and implementation
The Australian Government continues to reform Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime. In May 2024, the Attorney-General’s Department published a consultation paper to introduce legislation extending the current Anti-Money Laundering and Counter Terrorism legislative (AML/CTF) regime to include lawyers.

The AML/CTF regime imposes a number of regulatory obligations on reporting entities, including customer and beneficial ownership due diligence, record keeping and transactions reporting. The AML/CTF legislation also contains offences for non-compliance with regulatory obligations and sanctions.

Focusing on Tranche Two of the proposed changes, session two focuses on what the changes mean for law firms and which KYC and due diligence procedures should become a part of standard practice.
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