Since early  2023, the Attorney-General's Department has been consulting on amendments to Australia's AML/CTF regime to include some of the services provided by Designated Non-financial Businesses and Professions. The proposed amendments include some of the services offered by many of our members such as assisting a person to execute the creation of a body corporate. During these consultations, the joint accounting bodies have supported capturing some of the services offered by our members with the caveat that AML/CTF compliance obligations do not duplicate our member's existing statutory and professional obligations.

The Attorney-General introduced the AML/CTF Amendment Bill 2024 to parliament on 11 September 2024. CA ANZ released a media statement that acknowledged the sensible and cost-efficient approach in the Bill that considered professional accountants’ existing regulatory and professional obligations. 

In the joint bodies submission to the Senate Committee, we indicate our support for the revised compliance obligations including:

• replacing prescriptive identification and verification procedures with taking reasonable steps for customer due diligence
• that there is no obligation to risk-rate pre-commencement customers as proposed during consultations
• the amendment from the proposed designated service 9 which now only captures the forms of address which may obscure the true location of the business.

We also highlighted key issues with the Bill that:

• the Attorney-General needs to fully address concerns raised by the Senate Standing Committee for the Scrutiny of Bills
• the transitional period will need to be amended to accommodate any delays in the passing of the Bill or updating the related Rules
• restructuring practitioners appointed under Part 5.3B of the Corporations Act 2001 should be excluded from professional services in Table 6
• any review of the funding of the regulator should not result in a levy on new reporting entities.

The Senate Committee is due to report its findings by 13 November 2024 which is just ahead of parliament's final sitting weeks for 2024.

Our submissions to earlier consultations are also available: 

Read our joint submissions to the June 2023 consultation and the June 2024 consultation to learn more about our advocacy journey. We also surveyed our members in public practice to inform the joint submission to the June 2024 consultation. 

CA ANZ have also participated in workshops hosted by the regulator and discussions with key stakeholders to understand the details our members will look for in the AML/CTF Rules and guidance to be able to participate in the AML/CTF regime effectively.

We thank the CA ANZ members who participated in the survey and gave their time to discuss their concerns and our members in New Zealand for sharing their lived experience and the lessons learned.