Documents Received By The Attorney-General's Department (agd) Which Informed The Average Annual Regulatory Costs And Impact Analysis Of The Anti-Money Laundering And Counter-Terrorism Financing…

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This impact analysis document prepared by Nous Group for the Attorney-General's Department (19 August 2024) examines regulatory costs and benefits associated with the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024. The analysis measures impacts on regulated entities, quantifies compliance burdens across reform areas, and employs multi-criteria analysis to evaluate policy options. Key sections assess community and business benefits from combatting financial crime, government benefits from strengthened FATF (Financial Action Task Force) compliance, avoided reputational damage to Australia, and potential impacts on foreign investment. The document details regulatory burden measurements applied to business and customers, government costs, and provides sensitivity analysis of the preferred reform option. Appendices include industry classifications and detailed methodology for regulatory burden measurement incorporating economic parameters and data sources for quantifying costs across reform areas.