📘 AUSTRAC - AML/ CTF Anti-money Laundering Bill

New AML regulations are coming, and tax agents along with solicitors and real estate agents will soon have new compliance responsibilities.

The Australian Taxation Office (ATO) does not set the country's Anti-Money Laundering (AML) laws; rather, the Australian Transaction Reports and Analysis Centre (AUSTRAC) is the primary regulator and financial intelligence unit responsible for enforcing the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006.

While the ATO focuses on detecting and investigating tax evasion, illicit financial arrangements, and GST fraud, it works in close coordination with AUSTRAC through the Serious Financial Crime Taskforce to track and disrupt criminal activities.Key details of the Australian AML framework and upcoming reforms:

Expanding Regulations:

Australia’s AML/CTF regime is expanding to include "tranche two" entities—such as accountants, tax agents, lawyers, and real estate agents.

Digital Currencies:

The rules explicitly regulate digital currency exchange providers and virtual asset safekeeping services to combat modern cyber and crypto-based financial crime.

Regulated Business Obligations:

Covered businesses must enroll with AUSTRAC, conduct customer due diligence (including identifying customers and beneficial owners), and report suspicious activities or large transactions.

NB: Bay Business Solutions Group is still awaiting clarification whether this will apply to BAS Agents and bookkeepers from ICB and ABN who are in discussions collectively with the ATO and AUSTRAC. We have not as yet registered with AUSTRAC - 6 June 2026

Should we be required to register all our clients will be notified in writing and an update will be published.

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