Amendment timeline
AML/CTF Act 2006
Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth)
About this Act
Australia's principal AML/CTF Act. Requires designated-services providers ('reporting entities') to enrol with AUSTRAC, conduct customer due diligence, develop a written AML/CTF program, report suspicious matters, threshold cash transactions and international funds transfers, and keep records for 7 years. Tranche 2 — extension to lawyers, accountants, conveyancers, real estate agents, trust and company service providers, and dealers in precious metals and stones — commences 1 July 2026 after the December 2024 reforms.
- Original Royal Assent
- 12 December 2006
- Original commencement
- Staged from 13 Dec 2006 to 12 Dec 2008
- Administered by
- AUSTRAC
Amendment timeline
Chronological list, oldest to newest. Each entry cites the legislation.gov.au compilation or as-made source and, where available, regulator guidance.
Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2014
Royal Assent
8 October 2014
Commencement
Various 2014-2015
What changed
Implemented FATF Mutual Evaluation Round 4 recommendations on politically exposed persons (PEPs), beneficial ownership and correspondent banking. Introduced ongoing customer due diligence (OCDD) requirements and tightened the agency-reliance rules for verification of identity.
Who's affected
All reporting entities — particularly ADIs and remitters with correspondent banking relationships or PEP exposure.
Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017
Royal Assent
13 December 2017
Commencement
Staged through 2018-2019
What changed
Brought digital currency exchange providers (DCEs) into the AML/CTF regime as a new class of reporting entity. Tightened cross-border reporting on bearer-negotiable instruments and physical cash movements over $10,000. Gave AUSTRAC enhanced enforcement powers (infringement notices, expanded civil penalty triggers).
Who's affected
Digital currency / crypto exchanges; ADIs and remitters dealing with cross-border movements.
Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024
AML/CTF Amendment Act 2024 (Tranche 2)
Royal Assent
10 December 2024
Commencement
Existing reporting entities: 31 Mar 2026; Tranche 2 entities: 1 Jul 2026
What changed
The biggest change to Australian AML law since the Act commenced. Extends the regime to 'Tranche 2' designated services provided by lawyers, conveyancers, accountants, trust and company service providers (TCSPs), real estate professionals, and dealers in precious metals and stones from 1 July 2026. Modernises the framework: replaces 'AML/CTF programs Part A + Part B' with a single risk-based program, simplifies CDD requirements, tightens 'tipping off' rules to allow defensive disclosures, modernises the travel rule for value transfers, expands AUSTRAC powers and clarifies digital currency exchange obligations.
Who's affected
100,000+ new reporting entities across legal, accounting, conveyancing, real estate, TCSP and bullion sectors. Plus all existing reporting entities — every program needs to be rewritten before 31 March 2026.
What's coming next
AML/CTF Rules — AUSTRAC is consulting on a complete rewrite of the AML/CTF Rules to align with the 2024 reforms (consultation closed Q1 2026; finalised rules expected Q3 2026). Travel Rule for digital currency is being finalised through subordinate instruments. AUSTRAC has flagged guidance on the AML/CTF Compliance Officer role (now mandatory at board or senior management level) and on the independent review cycle for the new combined program.
Why this matters now
Up to $33M per breach civil penalties and $19,800/day for failing to enrol on time. Tranche 2 sectors face an end-to-end build (risk assessment + program + CDD + transaction monitoring + reporting + training + record keeping) by 1 July 2026 — and AUSTRAC has flagged a strong enforcement posture from day one. Existing reporting entities need to migrate their programs to the new single-program model by 31 March 2026.
Frequently asked
When exactly does Tranche 2 commence?
Enrolment opens 31 March 2026 (also the date the modernised program rules apply to existing reporting entities). Tranche 2 designated services obligations commence 1 July 2026. Last day to enrol as a new reporting entity is 29 July 2026 (29 days from commencement).
Does the regime catch all lawyers and accountants?
No — only those providing 'designated services' as defined in Table 1 of s 6. For lawyers and conveyancers: real estate transactions, managing client money, company/trust formation. For accountants: managing client money, company/trust formation, buying/selling business entities. A lawyer who only does litigation work is generally out of scope.
Does Part A vs Part B still apply?
Only until 31 March 2026. From that date, all reporting entities (existing and Tranche 2) must operate a single risk-based AML/CTF program covering risk assessment, customer due diligence, transaction monitoring, reporting, training, record keeping, employee due diligence and independent review.
What's the threshold for the Tipping Off offence after the reforms?
The 2024 reforms permit 'defensive disclosures' — a reporting entity can now disclose to another reporting entity in the same group, or to a regulator, the fact of a suspicion or an SMR for AML/CTF compliance purposes without breaching s 123. Inadvertent disclosure to the customer remains a strict offence.
What are the maximum civil penalties?
$33 million per breach for body corporates (60,000 penalty units at $550/PU as at 2026), $6.6 million for individuals. Failure to enrol attracts a separate continuing penalty of 36 penalty units per day (about $19,800/day for body corporates). The Federal Court can also impose disqualification, compensation and corrective orders.
Other amendment timelines
Rules Mate summarises and links to legislation.gov.au and regulator guidance. We do not republish statutory text. Every date in this timeline has been verified against the Federal Register of Legislation as at 6 June 2026. Always verify against the live source before acting. Compliance tools, not legal advice. Consult a qualified professional.