Australia’s new anti-money laundering (AML) and counter-terrorism financing (CTF) rules have come into force, placing tighter compliance demands on businesses considered vulnerable to financial crime, including casinos, pubs and clubs.
The reforms, introduced by the Australian Transaction Reports and Analysis Centre (AUSTRAC) in 2024, form part of a broader effort to reduce illicit financial flows, which authorities estimate cost the country about AU$82 billion ($54 billion) each year.
Reportedly, the government believes these new laws will take the country towards a more risk-based system. Businesses are now required to assess potential risks before onboarding customers and to continue monitoring those risks over time. This includes verifying identities, checking beneficial ownership, and screening for politically exposed persons or sanctions links.
Checks mandatory for operators
Customer due diligence rules have been tightened, with enhanced checks required for higher-risk individuals and simplified processes allowed in lower-risk cases. For gambling operators, the reporting threshold has been lowered from $10,000 to $5,000, widening the scope of transactions that must be scrutinised.
Transaction monitoring has also been expanded. Firms are expected to actively track behaviour, flag unusual activity, and submit Suspicious Matter Reports where concerns arise. Greater emphasis has been placed on the role of senior management, who must now take clear responsibility for overseeing AML risks. Companies are also required to appoint dedicated compliance officers to manage these obligations.
The updated framework extends far beyond the financial sector. More than 100,000 businesses are now covered, up from around 19,000 previously. Newly regulated industries include lawyers, accountants, real estate agents, property developers and dealers in precious metals and stones. Enrolment for these so-called “Tranche 2” sectors has already begun, with compliance obligations set to follow.
Payment exemptions till 2030
New rules governing international transfers, including those involving virtual assets, have also been introduced. Under the so-called “travel rule”, businesses must verify and share information about both senders and recipients of funds. Some exemptions will remain in place until 2030 as firms adjust to the requirements.
Other updates include simpler reporting group structures to ease the administrative load, tighter rules on “tipping off”, and clearer boundaries around legal professional privilege. Regulators have also given more leeway to foreign branches, while carving out specific exemptions for lower-risk areas such as certain ATM services.
Speaking at the Regulating the Game conference in Sydney last month, AUSTRAC chief executive Brendan Thomas said the reforms were aimed at preventing criminals from disguising illicit funds as legitimate income.
He noted that while some operators had improved their systems, weaknesses remained. Investigations have highlighted repeated issues, including large volumes of cash moving through venues, the use of multiple or synthetic identities, and transactions involving individuals linked to organised crime.
Practices such as “bill stuffing”, where large deposits are made with little or no gameplay, were described as clear indicators of laundering risk. In some cases, warnings from law enforcement did not lead to timely action by operators.
Thomas said the new framework should not be seen as a box-ticking exercise, but as a foundation for trust. While the regulator has signalled a pragmatic approach during the transition, it expects businesses to show steady progress. “Preparation is expected. Perfection is not,” he said, adding that firms failing to manage risks adequately could face enforcement action.
Asia’s undisputed regional heavyweight lands in Manila, 01–03 June 2026. Backed by PAGCOR and powered by 16,000 delegates, SiGMA Asia delivers two levels of game-shaping influence. If you’re serious about the region, this is the room for you.
