This bill is currently before Parliament.
Budget, tax & economy
Regulated businesses could be stopped from using products such as cryptocurrency ATMs when their use risks significant harm.
Matt Thistlethwaite (Labor) said organised crime and scams were exploiting new technology, including cryptocurrency ATMs, to move money from scams and drug sales. He said these machines can make money harder for the Australian Transaction Reports and Analysis Centre, the financial-crime regulator known as AUSTRACAustralia’s financial-crime regulator and intelligence agency., to trace. He cited an Australian Institute of Criminology estimate that serious and organised crime cost Australia up to $82.3 billion in 2023–24. The government also said the changes would keep Australia aligned with the Financial Action Task Force, the global watchdog that sets standards against dirty money and terrorism financing.
Australia already had the Anti-Money LaunderingHiding the criminal origin of money. and Counter-Terrorism Financing Act 2006, but organised crime networks were adapting emerging technology and financial infrastructure, including crypto ATMs, to exploit the financial system and launder criminal proceeds; serious and organised crime was estimated to cost Australia up to $82.3 billion in 2023–24. After the Home Affairs minister committed in October 2025 to tackling those harms, the 2026 bill proposed targeted AUSTRACAustralia’s financial-crime regulator and intelligence agency. controls and updated terrorism-financing, customer-checking and reporting rules, with its main schedule planned to start on 1 January 2027.
The evidence pack contains no opposition or crossbench criticism. Its only parliamentary contribution is Matt Thistlethwaite’s Labor introduction of the bill, after which debate was adjourned.
Matt Thistlethwaite MP introduced this bill. Supportive speeches so far have come from Labor.
Did it become law?
Not yet
Final passage
No final vote yet
The bill has not yet completed passage through Parliament.
Days since introduction
148 days
Updated 07 Aug 2026.
Meaning
Regulated businesses could be stopped from using products such as cryptocurrency ATMs when their use risks significant harm. The restriction must serve the public interest.
People and agencies affected by a proposed restriction would usually get at least 30 days to comment. Urgent or exceptional cases could bypass consultation.
Businesses that breach or offer to breach a restriction could face four years in prison, 1,000 penalty units, or both.
Banks and other regulated businesses would use simpler identity checks for customers and people connected with them. Checks for targeted financial sanctionsRestrictions on dealings with listed people or groups. would remain.
Money-transfer services would have to report international transfers even when they do not know the foreign country involved.
Businesses applying to provide money-transfer or virtual-asset services could be required to submit documents as well as information.
Businesses would face updated rules for terrorism-financing reports. These would cover funding state sponsors of terrorism and specified sanctions offences.
77A Restriction or prohibition—use of products or services etc. by reporting entities Restriction or prohibition (1) The AUSTRAC CEO may, by legislative instrument, restrict or prohibit a reporting entity from using a product, service, delivery channel or thing (the high‑risk mechanism) to provide a designated service, if the AUSTRAC CEO is satisfied that: (a) using the high‑risk mechanism to provide the designated service has caused, will cause or is likely to cause, significant harm to either or both of the following: (i) the financial system; (ii) the Australian community; and (b) theAnti-Money Laundering and Counter-Terrorism Financing Amendment introduced text
77B AUSTRAC CEO to consult before making instrument (1) The AUSTRAC CEO must not make an instrument under subsection 77A(1) unless the AUSTRAC CEO has consulted: (a) persons who are reasonably likely to be affected by the instrument; and (b) if the instrument will restrict or prohibit reporting entities from using a product, service, delivery channel or thing that is regulated under a law of the Commonwealth, a State or a Territory—the Commonwealth, State or Territory agency responsible for the administration of that law. (2) The AUSTRAC CEO must undertake consultation under subsection (1)Anti-Money Laundering and Counter-Terrorism Financing Amendment introduced text
77E Breach of restriction or prohibition (1) A person commits an offence if: (a) the person is subject to a restriction or prohibition imposed under subsection 77A(1); and (b) the person engages in conduct; and (c) the person’s conduct breaches the restriction or prohibition. Penalty: Imprisonment for 4 years or 1,000 penalty units, or both. (2) Strict liability applies to paragraphs (1)(b) and (c). Civil penalty (3) If a person is subject to a restriction or prohibition imposed under subsection 77A(1), the person must not engage in conduct that breaches the restriction or prohibition.Anti-Money Laundering and Counter-Terrorism Financing Amendment introduced text
1 Paragraph 28(2)(e) Repeal the paragraph, substitute: (e) whether: (i) the customer, any beneficial owner of the customer or any person on whose behalf the customer is receiving the designated service is a politically exposed person; or (ii) the customer, any beneficial owner of the customer, any person on whose behalf the customer is receiving the designated service, or any person acting on behalf of the customer is a person designated for targeted financial sanctions; 2 Application provision The amendment made by this Division applies in relation to a designated service that a reportiAnti-Money Laundering and Counter-Terrorism Financing Amendment introduced text
In addition, the Bill makes several technical amendments to the AML/CTF Act identified through implementation of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (AML/CTF Amendment Act). This includes to: amend initial, ongoing and enhanced customer due diligence (CDD) requirements to make compliance easier for reporting entities amend existing definitions under the AML/CTF Act, and introduce new definitions, to ensure that the definitions for domestic politically exposed person and foreign politically exposed person apply appropriately when designated services arAnti-Money Laundering and Counter-Terrorism Financing Amendment explanatory memorandum
Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 38 Paragraph 75B(3)(b) After “information”, insert “or documents”. 39 Paragraph 75B(6)(b) After “requests information”, insert “or documents”. 40 Paragraph 75B(6)(b) Omit “information is”, substitute “information or documents are”. 41 After subsection 75M(4) (4A) In addition, a person who is required by this section to advise the AUSTRAC CEO or a registered remittance network provider of a change in circumstances, registrable details, a change in registrable details or a matter must provide the AUSTRAC CEO or remittance netAnti-Money Laundering and Counter-Terrorism Financing Amendment introduced text
Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 1 Section 5 (paragraph (a) of the definition of financing of terrorism) Omit “or Division 103”, substitute “, Division 103, section 112.5 or Division 113”. 2 Section 5 (after paragraph (b) of the definition of financing of terrorism) (ba) an offence against the Charter of the United Nations Act 1945, or regulations made under that Act, that is prescribed by regulations made under this Act for the purposes of this paragraph; or (bb) an offence against the Autonomous Sanctions Act 2011, or a contravention of regulations made undAnti-Money Laundering and Counter-Terrorism Financing Amendment introduced text
Context
Australia already had the Anti-Money LaunderingHiding the criminal origin of money. and Counter-Terrorism Financing Act 2006, but organised crime networks were adapting emerging technology and financial infrastructure, including crypto ATMs, to exploit the financial system and launder criminal proceeds; serious and organised crime was estimated to cost Australia up to $82.3 billion in 2023–24. After the Home Affairs minister committed in October 2025 to tackling those harms, the 2026 bill proposed targeted AUSTRACAustralia’s financial-crime regulator and intelligence agency. controls and updated terrorism-financing, customer-checking and reporting rules, with its main schedule planned to start on 1 January 2027.
Australia’s existing anti-money-laundering law is established
The Anti-Money LaunderingHiding the criminal origin of money. and Counter-Terrorism Financing Act 2006 created the existing legal regime governing reporting entities’ obligations to address money launderingHiding the criminal origin of money. and terrorism financing.
Anti-Money Laundering and Counter-Terrorism Financing Amendment explanatory memorandum ↗Minister commits to tackling organised crime and scams
At the National Press Club, the Minister for Home Affairs committed to combating the significant harms caused by organised crime and scams across Australia.
Hansard ↗Matt Thistlethwaite MP introduces the bill
The bill responds to crypto ATMs and other emerging financial infrastructure by giving AUSTRACAustralia’s financial-crime regulator and intelligence agency. power to restrict or prohibit high-risk mechanisms and updating terrorism-financing, customer-checking and reporting rules.
Parliamentary timeline ↗New high-risk mechanism powers scheduled to start
The bill’s first schedule is scheduled to commence, allowing the new AUSTRACAustralia’s financial-crime regulator and intelligence agency. restriction framework to operate if the legislation is enacted.
Anti-Money Laundering and Counter-Terrorism Financing Amendment explanatory memorandum ↗Legislative route
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
Introduced and read a first time
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Second reading moved
Considered by scrutiny committee (25/03/2026): Senate Standing Committee for the Scrutiny of Bills; Scrutiny Digest 5 of 2026
Scrutiny Digest 5 of 2026
APH bill page notesKey criticism
The evidence pack contains no opposition or crossbench criticism. Its only parliamentary contribution is Matt Thistlethwaite’s Labor introduction of the bill, after which debate was adjourned.
The pack therefore supports the government’s case for the bill but does not show how other parties, affected businesses or community groups responded.
Further sources
Votes
No recorded votes have been found yet for this bill.
Parliamentary debate
Start here — lead voices
Matt Thistlethwaite urges the House to pass the bill, arguing that targeted AUSTRACAustralia’s financial-crime regulator and intelligence agency. powers are needed to restrict high-risk mechanisms such as crypto ATMs that facilitate scams, money launderingHiding the criminal origin of money. and organised crime, while preserving legitimate innovation.
Read in Hansard ↗All speeches by bloc
1 speaker · 1 support
“To ensure that the new power is appropriately targeted, the AUSTRAC CEO must be satisfied of the significant harm of the high-risk mechanism before exercising the power and that a restriction or prohibition is necessary in the public interest. The new power is intended to support AUSTRAC's flexible, risk based response to emerging and evolving money laundering and terrorism financing risks, while still allowing reporting entities to use innovative technologies and business models.”Read the full speech in Hansard ↗
Record
House · Introduced and read a first time
Introduced
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
House · Second reading moved
Second reading opened
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Senate Standing Committee for the Scrutiny of Bills
Scrutiny Digest 5 of 2026
Considered by scrutiny committee (25 Mar 2026): Senate Standing Committee for the Scrutiny of Bills; Scrutiny Digest 5 of 2026
APH bill page notes