Australia Tightens AML/CTF Regulations to Enhance Due Diligence

Australia’s recent move to tighten anti-money laundering (AML) and counter-terrorism financing (CTF) regulations has captured widespread attention. With new amendments proposed, the Australian Parliament is poised to escalate its financial oversight mechanisms, primarily focusing on customer due diligence and virtual assets, such as non-fungible tokens (NFTs).

The proposed legislative amendments come as Australia prepares for an evaluation by the Financial Action Task Force (FATF) in 2026. Emphasizing customer due diligence, the bill aims to lower the thresholds for reporting exemptions and expand the powers of financial oversight. As virtual assets like NFTs increasingly play a role in Australia’s financial transactions, they are under greater scrutiny.

Meanwhile, developments in the gaming sector are also noteworthy. The Philippine Amusement and Gaming Corporation (PAGCOR) remains committed to privatizing its state-controlled casinos. However, in a recent update, the timeline for this initiative has been moved to 2026. This delay is attributed to necessary amendments to PAGCOR’s charter and its intent to establish a Gaming Academy, designed to enhance industry professionalism.

Australia’s pivot towards stricter financial regulations reflects a global trend where nations are tightening their AML/CTF laws to address emerging risks. As part of these efforts, the introduction of more rigorous customer due diligence frameworks aims to bolster the integrity of financial systems.

On the corporate front, Bloomberry Resorts in the Philippines anticipates the opening of its third casino in Cavite by 2028. Genting Malaysia, meanwhile, has made headlines with its issuance of $525 million in senior unsecured notes through its U.S. subsidiaries. The gaming industry continues to evolve and expand, with Wynn Resorts launching $800 million in unsecured notes to resolve a significant Department of Justice fine. In Queensland, the club and pub EGM (Electronic Gaming Machines) revenue reached unprecedented levels in August, signaling robust market growth.

As Australia navigates these regulatory changes, companies across sectors are preparing to adapt to new compliance requirements. The conversation around these developments not only highlights the significance of financial oversight in combating illicit activities but also examines the broader implications for businesses and investors.

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