This topic provides a high level summary of changes to the Anti-money Laundering and Counter-Terrorism Financing (AML/CTF) regulatory regime, most of which become law in 2026.

The summary is intended for those who are already familiar with the current AML/CTF Act.  It focusses on some, but not all, of the key changes relevant to financiers who already comply with the regime.

The topic covers:
* Reforms overview
* Governance structures
* AML/CTF compliance programs – new/updated requirements
* Risk assessments
* Proliferation financing
* Reporting groups
* Implementation Timeline
* Customer due diligence requirements
* Initial CDD
* Ongoing CDD
* Tipping off offence – harm prevention approach
* SMRs - new reportable details
* Legal professional Privilege - protections 
* AUSTRAC's increased powers

This topic draws upon AUSTRAC’s online resource, ‘Summary of Changes for Current Reporting Entities’ and the Explanatory Memorandum to the AML/CTF Amendment Act 2024 to explain the changes.