New powers for AUSTRAC to prohibit reporting entities from using specific products or services
Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026
1st House
2nd House
Law
Links to official parliament websites
Effects of this bill
If this bill passes, it means that:
The AUSTRAC CEO can ban reporting entities from using specific products, services, or delivery channels; this power applies if it protects the financial system or the community.
The AUSTRAC CEO can force reporting entities to provide specific information or adopt risk-mitigation practices.
The AUSTRAC CEO must consult the public before making these prohibitions.
Civil penalties apply to people who breach these prohibitions.
AUSTRAC and other regulatory authorities can now demand documents; previously they could only demand information.
Reporting entities must notify the AUSTRAC CEO of their enrolment details and any changes to those details.
Reporting entities must perform customer due diligence for business relationships; this applies regardless of when the relationship started.