New international anti-money laundering standards will oblige Australia to expand customer due diligence requirements for financial institutions and extend anti-money laundering obligations to non-financial businesses and professions such as real estate agents, dealers in precious metals and stones, accountants, trust and company service providers, legal professionals and notaries.

Existing account identification requirements will be strengthened and better record keeping will be required.

A new Bill is expected to be introduced into Parliament this year.

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