Changes to Tipping off Prohibitions in AML/CTF Act

The new offence will focus on preventing the disclosure of suspicious matter report (SMR) information or information related to a notice where it would or could reasonably prejudice an investigation. The new offence framework would be more flexible for reporting entities seeking to share information for legitimate purposes, including within reporting groups to manage risk and prevent further crime.

Examples of where disclosure of information is not intended to constitute tipping off under the reframed offence include:

disclosure of information to Australian law enforcement, regulatory or oversight agencies

disclosure of information in compliance with a requirement under a law of the Commonwealth, a State or Territory

disclosure of information within a reporting group, or with third party service providers (subject to appropriate safeguards), for the purposes of money laundering and terrorism financing risk management

disclosure of information in the context of a merger or acquisition, and

disclosure of information with consultants engaged to support AML/CTF remediation and uplift.

All reporting entities should update their AML/CTF programs to outline the way in which information can be shared, including within the reporting group. This framework should be appropriately documented, and relevant staff should receive training on these changes.