From bdo.com.au: The AML/CTF Amendment Act 2024 introduces key changes, including the inclusion of high-risk services provided by DNFBPs, effective from 1 July 2026. It enhances AUSTRAC’s regulatory powers, enabling stricter compliance measures and fines for non-compliance.

Additionally, it emphasizes the importance of addressing proliferation financing by requiring Tranche 2 entities to monitor trade-related transactions and high-risk jurisdictions.