Reforming Australia's AML-CT financing regime

In 2022, the Government committed to establish a public beneficial ownership register. The Treasury is progressing implementation of this commitment, which aims, among other things, to improve Australia’s compliance with FATF standards relating to transparency of beneficial ownership (Recommendations 24 and 25). The department continues to work closely with The Treasury to consider ways in which the proposed beneficial ownership register could be leveraged by reporting entities to comply with certain CDD obligations under the AML/CTF regime to provide regulatory savings to reporting entities. As these reforms are in progress, they have not been included as part of this impact analysis.