ABACUS has reported a speech by Justice Minister Ellison (not yet available on his website) in which he said that the new anti-money laundering laws will be phased in over two years, with a further one-year amnesty period for businesses making an effort to comply.

"Once passed, there will be
a phased implementation of the new AML/CTF Act and Rules over 24
months, with the fundamental obligations implemented first followed by
those that are more complex," Senator Ellison said. "In addition, I’ve
proposed a 12 month amnesty period whereby the Australian Transaction
Reports and Analysis Centre (AUSTRAC) will focus on reducating
businesses and will only seek punitive remedies for non-compliance
where businesses are not making reasonable steps to reach compliance."