DSPANZ provided a submission to the Attorney-General's Department consultation on reforming Australia's anti-money laundering and counter-terrorism financing regime on 13 June 2024.
In this submission, we highlighted the expected impacts of expanding the anti-money laundering counter-terrorism financing (AML/CTF) regime to professional service providers on DSPs to provide accounting, trust management and company registration software and services. We provided specific feedback on limiting the impacts on professional service providers, and therefore DSPs, by leveraging existing client verification processes and exploring other opportunities to streamline meeting AML/CTF obligations, including:
- Providing contemporary and up-to-date Australian business registers;
- Modernising sanctions and politically exposed persons lists;
- Leveraging digital ID; and
- Allowing data sharing between government and industry.
Access the full copy of this submission here.