Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026
The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026 was introduced into the House of Representatives on 12 March 2026 by the Minister for Home Affairs. According to the Parliamentary Library's Bills Digest, the Bill establishes a new framework allowing the Chief Executive Officer of the Australian Transaction Reports and Analysis Centre to restrict or prohibit, by legislative instrument, a reporting entity from using high-risk mechanisms to provide designated services, a measure aimed at addressing concerns about cryptocurrency products such as crypto ATMs being exploited for money laundering, scams and money mule activity.
Business implications
Reporting entities under the AML/CTF Act, including those newly brought into the regime such as law practices providing designated services, may wish to track the Bill's passage given the proposed changes to customer due diligence requirements and to the definitions of domestic and foreign politically exposed persons. Providers of high-risk mechanisms, including cryptocurrency products, should watch for the AUSTRAC CEO's proposed power to restrict or prohibit their use, since this could affect product offerings before Schedule 1's intended 1 January 2027 commencement. The provisions concerning legal professional privilege claims are also worth monitoring as the Bill progresses through Parliament.