29 November 2024
Chartered Accountants Australia and New Zealand (CA ANZ) acknowledges the passage of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 and calls on the Government to not lose sight of important complementary measures.
“This is a significant step forward in Australia’s efforts to meet its international obligations and Chartered Accountants can play a vital role in detecting and preventing criminal activity,” said Chief Executive Officer of CA ANZ, Ainslie van Onselen.
“But the work is only beginning. The year may be winding up, but the Bill’s passage means the government must not lose sight of the important complementary measures to assist our members, as well as other professionals, to comply with this new legislation.”
Members providing designated services must enrol with AUSTRAC by 31 March 2026 and be compliant by 1 July 2026.
“CA ANZ will work closely with AUSTRAC to finalise the accompanying rules and develop guidance and resources for accountants, ensuring they are well-equipped to meet their obligations under the AML/CTF regime,” Ms van Onselen said.
“But in addition to Rules and accounting specific guidance, CA ANZ will also continue to advocate for other improvements that would support the practical adoption of these reforms, including the establishment of a beneficial ownership register, as well as searches on ASIC’s Organisations and Business Names register to be free of charge,” said Ms van Onselen.
“Director IDs also should be linked to their companies on ASIC registers, to further minimise compliance costs and enhance the effectiveness of the AML/CTF regime. This will be crucial for our members to conduct efficient and timely customer due diligence."
Ms van Onselen acknowledged the collaborative process that shaped the Bill, recognising the government's responsiveness to earlier concerns raised by the accounting profession.
"The legislation strikes an appropriate balance between strengthening compliance measures and minimising unnecessary red tape for accountants by focusing on specific high-risk services, rather than entire professions.
“Acknowledging the existing regulatory framework for accountants is sensible and cost-effective, and I appreciate the government’s engagement that has delivered us to this milestone.”
ENDS
About Chartered Accountants Australia and New Zealand
Chartered Accountants Australia and New Zealand represents nearly 140,000 financial professionals, supporting them to make a difference to the businesses, organisations and communities in which they work and live. Chartered Accountants are known as Difference Makers. The depth and breadth of their expertise helps them to see the big picture and chart the best course of action.
www.charteredaccountantsanz.com
For more information contact:
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Gillian Bowen, Public Affairs Manager Australia, M +61 411 485 421 gillian.bowen@charteredaccountantsanz.com |
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