Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026

Summary

Australia's money laundering and terrorism financing laws are being updated to strengthen how banks, financial institutions, and other businesses detect and report suspicious financial activity. The changes amend the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, which sets out the rules that banks and other financial service providers must follow to prevent criminals and terrorist organizations from moving money through the financial system. This matters because it closes gaps in the current system, making it harder for criminal networks to hide money or fund terrorist activities, while also helping Australian financial institutions comply with international standards and protect themselves from legal penalties.