AML/CTF Series: AUSTRAC Releases Core Guidance

As covered in our previous article series (link), amendments to the Anti Money Laundering and Counter Terrorism Financing Act 2006 (Cth), extending anti money laundering (AML) and counter terror financing (CTF) obligations to additional professional service sectors, will take effect from the 1 July 2026. AUSTRAC have now released long awaited Core Guidance to assist reporting entities in handling their obligations under the new AML/CTF regime.

The Core Guidance can be found here.

The Core Guidance is a resource intended to help entities understand their obligations under the AML/CTF legislation, how it interacts with the legislation and what good practice looks like.

In the Core Guidance, AUSTRAC indicates whether something is an obligation under the AML/CTF laws, an expectation from AUSTRAC or a suggestion for good practice.

The Core Guidance covers areas such as:

• forming a ‘reporting group’ for reporting entities and what this may look like;

• clarifying expectations, obligations, and suggestions;

• creating an AML/CTF program ;

• undertaking customer due diligence and Know Your Client (KYC) checks;

• dealing with foreign branches; and

• outsourcing help to meet AML/CTF obligations.

Additional sector specific guidance for accountants, lawyers and real estate professionals is expected early next year.

With the deadline fast approaching, it is important for reporting entities to begin preparing and revising their AML/CTF programs and procedures.

We are well placed to assist you with your firm’s AML/CTF requirements, give our team a call.

Paul Gray
Principal
T 03 5225 5231 | M 0414 195 886
E pgray@ha.legal

Hugo Le Clerc
Senior Associate
T: 03 5225 5213 | M: 0438 089 334
E: hleclerc@ha.legal

Prepared with the assistance of Sadhana Timilsina, seasonal clerk.