Parliament passes AML/CTF amendment bill
Today, Parliament passed the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024, introducing long-awaiting and important updates to strengthen the AML/CTF Act.
Author: Alexandra Hoskins, Principal
The AML/CTF reforms aim to better address the evolving threats posed by money laundering, terrorism financing and other serious and organised crime.
The changes will extend AML /CTF obligations to certain services offered by lawyers, accountants, real estate professionals, trust and company service providers.
Some of the key changes include:
Reframing and clarifying the core requirements for initial and ongoing customer due diligence (CDD), defining when to apply enhanced CDD, and streamlining the circumstances to apply simplified CDD;
Detailing the roles and responsibilities of a reporting entity’s governing body and its AML/CTF compliance officer; and
Amendments to the “tipping off” provisions. The new offence will focus on preventing the disclosure of suspicious matter report (SMR) information or information related to a notice issued under section 49 or 49B of the AML/CTF Act where it would or could reasonably prejudice an investigation.
The tipping off prohibition has been the source of significant industry confusion and simplification will be welcomed.
The majority of the changes will come into effect in 2026. A full summary of the changes can be found here.
Senet specialises in simplifying AML/CTF compliance, working with clients to demystify the process and implement effective business solutions.
Our approach involves assessing each business’s unique circumstances, developing a tailored AML/CTF program and risk assessment that seamlessly integrates into current workflows.
Speak to the team at Senet on our approach to getting this right.
