Key Point
- Now that the final parts of the AML Act are in operation,
businesses must be sure they comply.
The implementation of the Anti-Money Laundering and
Counter-Terrorism Financing Act 2006 (the AML Act), which applies
to financial services, gambling services and the buying and selling
of bullion, has been phased in over a period of two years. On 12
December 2008, the remaining provisions dealing with ongoing
customer due diligence obligations (found in Part 2, Division 6 of
the AML Act) and the suspicious matters and threshold reporting
obligations (Part 3, Divisions 1 to 4 and 6), came into
operation.
So now may be a good time to review the compliance obligations
imposed on reporting entities by the AML Act, and to also look at
some of the advice AUSTRAC has given regarding these
obligations.
