On 12 December 2008, the final tranche of obligations contained in the Anti-Money Laundering and Counter-Terrorism Financing Act (Cth) 2006 came into force.
The Act has had a significant impact on the Australian financial sector since it came into force on 12 December 2006. It has imposed AML/CTF obligations on a wide range of financial service providers (including those in the banking, life insurance, managed funds and superannuation sectors) and on the gambling and bullion sectors. Those obligations have included customer due diligence, transaction monitoring, threshold and suspicious matter reporting, record keeping, correspondent banking controls and the implementation of a risk based AML/CTF Program. Non-compliance with the Act carries significant penalties.
What businesses are regulated under the Act and how they comply with their obligations under the Act, AML/CTF Rules and the various Guidance issued by the regulator, the Australian Transaction Reports and Analysis Centre continues to raise complex and technical issues.
For more information about how the AML/CTF reforms affect your business refer to the Overview, News or Publications sections.
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25 February 2009 Focus: 'Reasonable grounds' in suspicious matter reporting - the UK perspective
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22 September 2008 News: Deadline for Ongoing Customer Due Diligence
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9 May 2008 Client Update: AUSTRAC updatess
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30 April 2008 News: Release dates for AML/CTF Rules
