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ARTICLE · 21 NOVEMBER 2006

AML/CTF Bill Presented To Parliament

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The long-awaited Anti-Money Laundering/Counter Terrorist Financing Bill (AML/CTF Bill) was introduced into Federal Parliament on Thursday, 2 November 2006. This followed an extensive consultation period between the Government and industry.

AustraliaFinance and Banking

The long-awaited Anti-Money Laundering/Counter Terrorist Financing Bill (AML/CTF Bill) was introduced into Federal Parliament on Thursday, 2 November 2006. This followed an extensive consultation period between the Government and industry.

The legislation is expected to be passed this year with staged commencement (see below).

Who will be affected by the new legislation?

Any entity which provides a designated service is a reporting entity and is obliged to comply with provisions of the AML/CTF Bill. These obligations include requirements to "know your customer" through customer due diligence, monitoring of transactions and reporting of threshold and suspicious transactions, maintenance of records of designated services, identification procedures and on-going customer due diligence and the implementation of an AML/CTF Program.

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