Submission – Reforming Australia’s anti-money laundering and counter-terrorism financing regime

The Super Members Council thanks the Attorney-General’s Department for the opportunity to comment on the proposed reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime. This submission considers proposals featured in Paper 5: Broader reforms to simplify, clarify and modernise the regime and one element of Paper 4: Further information for digital currency exchange providers (DCEPs), remittance service providers and financial institutions – specifically Reforms to International Funds Transfer Information (IFTI) reports. Australia’s AML/CTF regime protects the integrity of Australia’s financial system and preserves confidence in Australia’s financial institutions to the benefit of all superannuation members.