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ARTICLE · 14 DECEMBER 2008

New AML / CTF Obligations Coming Into Force in December 2008

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On 12 December 2008 certain parts of the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (Cth) will come into force. The provisions include Division 6 of Part 2 concerning ongoing customer due diligence and Divisions 1 to 4 and Division 6 of Part 3 dealing with reporting obligations.

AustraliaGovernment, Public Sector
David Selig
David Selig
Nathan Greenfield
Nathan Greenfield

On 12 December 2008 certain parts of the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (Cth) ("Act") will come into force. The provisions include Division 6 of Part 2 concerning ongoing customer due diligence and Divisions 1 to 4 and Division 6 of Part 3 dealing with reporting obligations. These parts are the last of the provisions of the Act to come into force. The other provisions came into force at six and twelve month intervals from 13 December 2006. The Australian Transaction Reports and Analysis Centre (AUSTRAC) also has – and has already exercised – the power to issue legally binding rules under section 229 of the Act.

Overview

The provisions of the Act coming into force will impose new obligations on "reporting entities". A "reporting entity" is any entity that provides a "designated service", being the provision of financial, bullion, gambling or money transfer services.

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