Australia’s financial crime framework is entering a period of profound change, with AML and counter-terrorism financing reforms set to reshape how institutions manage risk.
The reforms arrive alongside mandatory scam codes and a clear shift towards outcomes-based supervision. Insights shared during a webinar hosted by SymphonyAI, with contributions from Deloitte and AMP, suggest the answer varies widely across the market.
At the heart of the reform agenda is the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024, which places greater emphasis on demonstrable effectiveness. Rather than proving that policies exist, regulated businesses must now show that controls genuinely reduce money laundering and terrorism financing risk. Deloitte partner and Australia and APAC financial crime lead Lisa Dobbin said, “This is an opportunity for generational transformation of the way we do financial crime. I see it as an invitation to take advantage of what we’ve theoretically always had, which is a risk-based regime, but to really make that real in a way that’s going to create long-term value.”
From July 2026, roughly 80,000 new businesses—including real estate agents, lawyers, accountants and dealers in precious metals—will be captured under the regime. For banks and existing reporting entities, the shift to outcomes-based compliance means moving away from checklist-driven programmes and towards integrated, risk-led approaches that stand up to scrutiny.
Readiness across the industry remains mixed. Some larger institutions have already invested in modernisation and view reform as an accelerator. Others face budget and delivery constraints, particularly where legacy processes and data gaps remain unresolved. Even so, many organisations acknowledge the longer-term opportunity, recognising that short-term compliance fixes alone will not be sustainable.
Technology is widely seen as the key enabler. SymphonyAI’s financial crime specialists emphasised that automation and AI can help organisations move capacity away from manual, low-value tasks and towards smarter detection and prevention. As one panellist noted, organisations weighed down by operational process will struggle to achieve meaningful risk management without rethinking how technology supports decision-making.
As Australia approaches its 2026 deadlines, the reforms are increasingly viewed as a forcing function. Institutions that treat this moment as a strategic inflection point, rather than a compliance exercise, are likely to emerge with stronger, more adaptable financial crime capabilities for the decade ahead.
Source: Fintech Global
