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

Summary

This amendment strengthens Australia's rules for stopping money laundering and terrorism financing by updating the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. The changes likely tighten how banks, financial institutions, and other businesses must check who their customers are and report suspicious transactions to the Australian Transaction Reports and Analysis Centre (AUSTRAC). For everyday Australians and businesses, this means stricter identity verification when opening accounts or making large transactions, but it also makes the financial system safer by making it harder for criminals to hide illegal money or fund terrorist activities.

What happens at this stage

The main debate on whether the chamber supports the broad purpose of the bill. Members speak to its overall merits and concerns rather than the fine print. The government outlines its policy intentions; the opposition and crossbench put their case. This is the stage that determines whether the bill proceeds at all.

Next: Consideration in Detail (House) or Committee of the Whole (Senate), where the bill is examined clause by clause