By Sean Maguire ( July 2, 2026, 07:42 GMT | Comment) -- Australia has extended its anti-money laundering and counterterrorism financing regime to lawyers, accountants and real estate agents, while also bringing more than 100,000 businesses within the scope of the 1988 Privacy Act for AML/CTF-related activities. The changes require newly-regulated entities to conduct customer due diligence, report suspicious matters to Australia's anti-money laundering watchdog and comply with new privacy obligations, including limiting the collection and retention of personal information. Industry representatives say the new regime represents a significant operational shift, but regulators have indicated they will take a proportionate approach as businesses adapt to the new requirements.Australia significantly expanded its anti-money laundering and counterterrorism financing regime on Wednesday to include lawyers, real estate agents, accountants and others. Less noticed was the impact on privacy law: the changes brought around 100,000 businesses under the 1988 Privacy Act, exposing them to new obligations and stricter limits on how personal information is collected and retained....
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