ARTICLE · 05 APRIL 2011

External Administration and AML/CTF Act obligations

Norton Rose Fulbright Australia

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Last week AUSTRAC published Information Circular No. 76 - External Administration and AML/CTF Act obligations. The Information Circular confirms that a company under the control of an external administrator must still comply with all of its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Act).

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Contributions to this article also by Jessica Hope

Last week AUSTRAC published Information Circular No. 76 - External Administration and AMLCTF Act obligations. The Information Circular confirms that a company under the control of an external administrator must still comply with all of its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Act).

Obligations

The Act imposes certain obligations on a reporting entity conducting designated services. Section 6 of the Act identifies 71 separate activities primarily carried out by the financial services sector, the gaming industry and bullion dealers. These activities are referred to as designated services. Any business which carries out designated services will be covered by the Act and will be a reporting entity regardless of the industry in which it operates.

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