Business Sale & Capital Raising Advisers - Preparing for AML/CTF Compliance

The AML/CTF Amendment Act 2024 expands Australia’s anti-money laundering laws into new areas, including professional services.

BUSINESS SALES & TRANSFERS - Activities relating to the purchase, sale or transfer of a business. This includes preparing or reviewing contracts, advising on due diligence, obtaining relevant government approvals and preparing financial settlements or documents.

RAISING CAPITAL OR DEBT - Assisting a business through any capital or debt raising method, such as initial public offerings, venture capital, share purchase plans, debt financing, bonds, asset financing, loans and debentures.

KEY OBLIGATIONS
From 1 July 2026, providers of these services will need to comply with AUSTRAC obligations.

The key obligations for businesses regulated are:
- Enrol and register with AUSTRAC (opens 31 March 2026)
- Develop and maintain an AML/CTF program tailored to your business
- Conduct initial and ongoing customer due diligence
- Report certain transactions and suspicious activities
- Make and keep records

WHAT CAN YOU DO NOW?

1. Consider how these requirements will fit into your process. This includes the collection and verification of client identity documents.

2. Consider a provider for Sanctions and PEP Screening.

3. AUSTRAC will be releasing template AML/CTF programs in December this year for small to mid -sized businesses. Consider if you will prepared this internally, or if this will be partially or fully outsourced.

More information can be found on the AUSTRAC website.

My focus is on helping businesses navigate these new requirements. If you’d like to discuss how the AML/CTF reforms may affect your business activities, feel free to connect or get in touch.