New Obligations under AML/CTF Act
The new obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) take effect on 12 December 2008. These obligations relate to reporting requirements and ongoing customer due diligence. Providers of financial, bullion, gambling or money transfer services will need to report suspicious matters and, if applicable, threshold transactions and international funds transfer instructions to AUSTRAC. Reporting entities (excluding Australian financial services licence holders who arrange designated services) will also need to incorporate ongoing customer due diligence systems and processes into their AML/CTF programs. This involves collecting and/or verifying additional 'know your customer' (KYC) information, monitoring customer transactions and undertaking enhanced customer due diligence.
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