Practitioners are aware that amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 came into force on 10 December 2024.
These amendments repealed the Financial Transaction Reports Act 1988. The repeal took effect on 7 January 2025.
As from 22 January 2025, solicitors were no longer required to submit reports on significant cash transactions of $10,000 or more through AUSTRAC.
However new cash-reporting obligations for solicitors will begin as from 1 July 2026 coming under AUSTRAC regulation following these reforms.
For further details of these reforms, please see here.
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