Government to delay anti-money laundering deadlines to 2029
The Department of Home Affairs has quietly approved a multi-year grace period for tougher reporting obligations, amid “implementation issues” raised by industry.
Home Affairs Minister Tony Burke has quietly postponed some elements of incoming anti-money laundering reforms, extending the compliance runway just months before the regime is expanded to cover professional services and digital assets.
Burke has authorised his department to push back a series of deadlines to meet new obligations — mandating tighter monitoring and management of risky customers and transactions — from later this year to 2029.
In correspondence from the department’s economic crime division, seen by Capital Brief, the government quietly advises that some of this year’s hard deadlines have been abandoned to address “implementation issues” raised by industry. An official announcement is expected later this month with new rules to be drafted to ease the transition.
The changes affect new initial customer due diligence (CDD) obligations which would require entities to more comprehensively identify and continuously monitor customers, especially high-risk ones.
