The finalisation of new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) rules by Austrac, the Australian Government’s AML/CTF regulator and financial intelligence unit, has been welcomed by the Shopping Centre Council of Australia (SCCA), which lobbied hard for changes.
The reforms take effect on Tuesday (March 31). Shopping Centre News and Inside Retail exclusively reported the proposal last year, and the Anti-Money Laundering and Counter-Terrorism Financing (Class Exemptions and Other Matters) Amendment Rules 2026 have now finalised it.
The new rules provide exemptions for gift cards from additional customer due-diligence requirements, in line with SCCA’s advocacy. They recognise the risk profile of gift card schemes and safeguards in place across the industry. SCCA also worked with stakeholders in the gift card sector, including the Gift and Prepaid Card Association of Australia, Blackhawk and Waivpay.
“Austrac’s new framework and rules for gift cards are a commonsense, practical and risk-based outcome,” said Angus Nardi, SCCA CEO. “They recognise the low-risk nature of gift card schemes and the safeguards that can be put in place – many of which already exist across the industry.”
He said the rules allow gift card operators to ensure controls are in place while avoiding regulatory burden on retailers and consumers. He added that SCCA will continue to engage with the gift card sector and Austrac on AML/CTF matters and risk management.
The exemption applies to gift card programs with a value not exceeding $5000. Holders cannot redeem these cards for cash. They also cannot reload them, except for refunds. For cards issued on or after September 30, 2027, issuers must take steps to mitigate misuse risks. From March 31, 2029, operators will limit use to domestic transactions.
Austrac has set transition periods to support implementation. These include three years for restrictions on overseas transactions and 18 months for enhanced risk mitigation requirements.
It has also issued guidance on steps to manage risks. These include transaction limits, monitoring of suspicious activity and awareness of emerging criminal trends.
SCCA said it led a cross-industry working group during the process. It will continue to work with Austrac and stakeholders to ensure the rules remain fit for purpose.
“This outcome reflects the value of constructive engagement between industry and regulators,” Nardi said. “We thank our members for their input and support, which was instrumental in achieving this result.”
