Australia's Enhanced Anti-money Laundering and Counter-terrorism Financing Regime: New Compliance Challenges for the Financial Services Industry

As part of the effort to combat money laundering and the financing of\ud terrorism, Australia’s anti-money laundering (AML) and counter\ud terrorism financing (CTF) regime has been the subject of a series of\ud legislative enhancements resulting from recent amendments to the\ud foundational AML legislation, the Financial Transaction Reports Act\ud 1988 (Cth) (FTR Act), and the introduction of the Anti-Money\ud Laundering and Counter-Terrorism Financing Act 2006 (Cth) that\ud presents new compliance challenges for the financial services industry\ud and poses questions about its impact on privacy and other rights of\ud consumers of financial and related services