Banking and Finance Point-in-Time Service Updates

Thursday 23 January 2025 @ 9.00 a.m.

The Banking and Finance Point-in-Time Service has been updated to include the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) (Act No 110 of 2024) and Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024 (Cth) (Act No 138 of 2024).

Act 110 of 2024

This Act reforms Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime and repeals the Financial Transaction Reports Act 1988 (Cth) (FTR Act). Australia’s AML/CTF regime establishes a regulatory framework for combatting money laundering, terrorism financing and other serious financial crimes. There are three key objectives of the Act:

  • to extend the AML/CTF regime to certain higher-risk services provided by real estate professionals, professional service providers including lawyers, accountants and trust and company service providers, and dealers in precious stones and metals—also known as ‘tranche two’ entities;
  • to improve the effectiveness of the AML/CTF regime by making it simpler and clearer for businesses to comply with their obligations; and
  • to modernise the regime to reflect changing business structures, technologies and illicit financing methodologies.

Act 138 of 2024

This Act extends the application of the National Credit Code to Buy Now, Pay Later (BNPL) contracts and establishes Low cost credit contracts (LCCCs) as a new category of regulated credit. This Act also includes amendments to: 

  • the Income Tax Assessment Act 1997 (Cth) to list specified companies as deductible gift recipients; and
  • the Federal Financial Relations Act 2009 (Cth) to support Commonwealth payments to the States in accordance with the National Skills Agreement and any successor agreements.

These amendments have been updated in the Point-in-Time Banking and Finance Service current to 23 January 2025. (NB: Subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.