AUSTRAC finalises AML/CTF transitional and amendment rules, setting clear timelines for CDD, travel rule for payment transparency, and VASP obligations to help businesses strengthen ML/TF controls

Key timelines include a 3-year transition period for CDD, deadlines to update compliance officer details, and deferred requirements for virtual asset services until 1 July 2026. The changes also include technical amendments to simplify compliance, enhance beneficial ownership transparency, and streamline reporting group structures, all aimed at building a more risk-based, modern AML framework aligned with global standards…