The Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 is an Australian Commonwealth amendment act that modernises the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. This profile focuses on the Act's virtual-asset reforms, which commenced on 31 March 2026 under Schedule 6 and related transfer-of-value provisions. The Federal Register of Legislation lists the Act as in force and identifies it as Act No. 110 of 2024, administered by the Department of Home Affairs.
Key provisions for virtual asset services
The Act replaces the former digital-currency terminology with the broader concept of a virtual asset. The amended definition covers digital representations of value that may be transferred, stored or traded electronically and function as a medium of exchange, store of economic value, unit of account or investment. It also captures governance-style rights connected with arrangements involving digital representations of value, while excluding money, game-only value and customer loyalty points.
Schedule 6 expands the AML/CTF perimeter for virtual asset service providers. In addition to fiat-to-virtual-asset exchange, the amended designated services include virtual-asset safekeeping, virtual-asset-to-virtual-asset exchange, transfers involving virtual assets and financial services connected with an issuer's offer or sale of a virtual asset. AUSTRAC guidance states that these terms replace the earlier digital currency exchange provider framework and extend regulation to a wider range of services.
Registration, reporting and travel-rule framework
The reforms rename the Digital Currency Exchange Register as the Virtual Asset Service Provider Register and establish the concept of a registrable virtual asset service. A provider generally must be registered before providing a registrable virtual asset service, subject to transitional arrangements. AUSTRAC says existing registered digital currency exchange providers automatically became registered virtual asset service providers from 31 March 2026.
The Amendment Act also links virtual assets to the broader transfer-of-value framework. AUSTRAC describes the travel rule as generally applying to virtual asset service providers, remittance service providers and financial institutions. The detailed Rules and transitional guidance should be read alongside the Act because some reporting, transfer, program, customer due diligence and record-keeping obligations for newly regulated virtual asset services do not apply until later transition dates.
Jurisdictional impact
For CryptoSlate taxonomy purposes, the relevant jurisdiction is Australia and the primary regulator is AUSTRAC, with the Department of Home Affairs responsible for administration of the legislation. The reforms are not a market-conduct licensing regime for crypto assets generally. They are AML/CTF perimeter changes that determine when a business providing virtual-asset services is treated as a reporting entity, must appear on the relevant roll or register, and must operate under the risk-assessment, due-diligence, reporting and record-keeping architecture of the AML/CTF Act and Rules.
Status and implementation timeline
The bill was introduced in the House of Representatives on 11 September 2024, passed both Houses on 29 November 2024 and received Royal Assent on 10 December 2024. Schedule 6, which contains the core virtual-asset amendments, commenced on 31 March 2026. Home Affairs describes the sector changes as aligned with FATF Recommendation 15, covering five categories of virtual-asset services: exchange with fiat, exchange between virtual assets, transfers, safekeeping or administration and participation in financial services related to an issuer's offer or sale.
Transitional points for editorial tracking
- Some AML/CTF obligations for new registrable virtual asset services are deferred until 1 July 2026, excluding item 50A fiat-to-virtual-asset exchange services.
- Providers beginning new registrable virtual asset services before 1 July 2026 have until 29 July 2026 to apply to enrol and register, according to AUSTRAC transitional guidance.
- Reporting for transfers involving unverified self-hosted virtual asset wallets is deferred until 31 March 2029 for businesses that start relevant services before that date.
This profile is a legal-reference summary for CryptoSlate readers. It is not legal advice and should be read with the official Act, the AML/CTF Rules and AUSTRAC's current guidance.