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In keeping up with global best practice, the AML/CTF Act 2006 received Royal Assent on 12 December 2006 following a long process of consultation. Significant changes to Australia's AML/CTF regime include: expansion of financial services organisations required to implement AML/CTF laws using a risk based approach to implement their AML/CTF obligations performing enhanced due diligence on high risk customers ongoing monitoring of customer financial transactions.
The obligations under the Act will be phased in over a two-year period. Some obligations require immediate implementation, having come into effect on 13 December 2006. These changes to AML/CTF regulations represent a significant challenge to the operational systems and procedures of Australian businesses. In light of the risks and current global climate towards institutions failing to prevent association with money launderers and terrorists, organisations cannot ignore their responsibilities in this area.    
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