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February 2025
The Australian Transaction Reports and Analysis Centre (AUSTRAC) serves as the country’s anti-money laundering and counter-terrorism financing (AML/CTF) regulator. In December 2024, AUSTRAC published the first draft of its proposed changes to the AML/CTF rules in the form of a Consultation Paper. The Rules serve to support the new AML/CTF Act and corresponding reforms.
With the new Rules, existing and future registrants should have more detail on what their AML/CTF obligations are. These updates to the Rules focus on enhancing compliance with AML/CTF regulations, with a particular emphasis on risk-based approaches, customer due diligence, and reporting obligations for businesses in the digital asset sector.
Shift Markets has provided a detailed response to the consultation, focusing on:
- A focused risk-based approach to AML/CTF compliance
- Ensuring scalable solutions for small businesses and multinational firms
- Enhancing clarity in customer due diligence (CDD)
- Proportionality in reporting requirements
Read our full response here.
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