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ARTICLE · 19 DECEMBER 2006

The 100-Point Check Is No More!

Gadens Lawyers
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The Anti-Money Laundering/Counter Terrorist Financing (AML/CTF) Act (the Act) became law on 12 December 2006.

AustraliaCorporate/Commercial Law

The Anti-Money Laundering/Counter Terrorist Financing (AML/CTF) Act (the Act) became law on 12 December 2006.

This report focuses on the impact of the Act on the mortgage industry.

Executive Summary

There is no immediate change for brokers, aggregators, or mortgage managers.

By December 2007, lenders (that is, all lenders and not just predominantly ADIs as at present) must adopt an AML/CTF Program, and a 'risk based' customer identification regime.

It is hoped that lenders will broadly adopt common customer identification regimes, and so, there may be little change for brokers, aggregators, and mortgage managers. Ernst and Young have been retained by the Mortgage Industry Association of Australia (MIAA) to develop a standard training package for intermediaries, which hopefully will provide one stop accreditation with lenders (like the MIAA UCCC Compliance Course).

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