Austrac has issued guidance on the reforms commencing in 2026, as well as updating its clubs guidance and noting proposals to introduce a new power enabling the AUSTRAC CEO to restrict or prohibit certain high-risk products, services or delivery channels, including Crypto ATMs.

The reforms guidance includes:

• Summary of obligations
• Summary of changes for current reporting entities
• New industries and services to be regulated
• AML/CTF program
• Customer due diligence
• Personnel due diligence and training
• Reporting to AUSTRAC
• Determining ownership and control structures
• Reporting groups
• The travel rule
• Foreign branches and subsidiaries
• Using outsourcing to help meet AML/CTF obligations.

AML and high-risk products and mule accounts
The Minister for Home Affairs has announced he will introduce a new power enabling the AUSTRAC CEO to restrict or prohibit certain high-risk products, services or delivery channels, including crypto ATMs.

He also announced updating visa entitlement verification online terms and conditions so that financial institutions will be able to get access to visa information if they believe that they’re dealing with a mule account to determine whether or not someone, in fact, is likely to have left Australia and is being used to fund organised crime.

Clubs guide
Following recent enforcement action, Austrac has re-released the regulatory guide for pubs and clubs to help venues with electronic gaming machines better understand and meet their AML/CTF obligations.

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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.