What is the AML regime in Australia?
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth), administered by AUSTRAC, imposes obligations on reporting entities providing designated services listed in section 6 of the Act. Core obligations: enrolment, AML/CTF programme, customer identification (Part B of the programme), ongoing monitoring, suspicious matter reporting (SMR), threshold transaction reporting (TTR ≥ AUD 10,000 cash), international funds transfer instructions (IFTI) reporting, and recordkeeping. Tranche 2 expansion takes effect from 1 July 2026.