Austrac seeking more AML feedback

AUSTRAC has started its second round of consultation on the draft AML/CTF Rules and is seeking submissions until 27 June, 2025.

This consultation follows the initial round conducted in late 2024 and seeks further feedback on new AML/CTF Rules.

AUSTRAC has updated the draft AML/CTF Rules to address feedback already received. This includes updates to: 

• allow delayed initial customer due diligence in a wider range of circumstances
• provide greater flexibility in determining the lead entity of reporting groups
• provide more detail on how to form reporting groups
• clarify definitions relevant to value transfer and travel rule requirements
• where possible, address challenges businesses may have implementing or complying with the AML/CTF Rules. 

The second exposure draft of the AML/CTF Rules also contains new requirements on:

• reportable details for threshold transaction reports and suspicious matter reports
• information required for enrolment and registration applications.

It also includes a schedule which contains AUSTRAC’s responses to commonly raised feedback from the first round of consultation.

A separate exposure draft that sets out amendments to current rules-based exemptions which will be retained, called the AML/CTF Rules (Class exemptions and other matters) 2007 has also been released for comment.

Submissions can be made via AUSTRAC’s website.

Queensland Law Society will be working with the Law Council of Australia on a submission and welcomes any insights or comments. Please send comments to policy@qls.com.au by Monday 16 June 2025.

Members can also obtain more information on the upcoming AML changes on the QLS webpage.