The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) seeks, among other things, to impose obligations on the financial services industry in order to reduce the ability of individuals and groups to use banking and financial services to engage in criminal activity.
The Act prescribes a range of procedures which financial services companies are required to follow to achieve this objective; from rules relating to the identification of customers, to disclosure obligations, ongoing due diligence, reporting obligations and the keeping of records.
It also contains a range of provisions relating to the administration of the rules set down by the Act; including the function, composition and powers of the regulatory body AUSTRAC.
Click on the appropriate link below to read the relevant section of the Act.
- Section 35H Anti-Money Laundering and Counter-Terrorism Financing Act Unauthorised access to verification information
- Section 35J Anti-Money Laundering and Counter-Terrorism Financing Act Obtaining access to verification information by false pretences
- Section 35K Anti-Money Laundering and Counter-Terrorism Financing Act Unauthorised use or disclosure of verification information
- Section 123 Anti-Money Laundering and Counter-Terrorism Financing Act Tipping Off
- Section 136 Anti-Money Laundering and Counter-Terrorism Financing Act Producing false or misleading information
- Section 137 Anti-Money Laundering and Counter-Terrorism Financing Act Producing false or misleading documents
- Section 138 Anti-Money Laundering and Counter-Terrorism Financing Act Producing false documents
- Section 139 Anti-Money Laundering and Counter-Terrorism Financing Act Providing a designated service using a false customer name or customer anonymity
- Section 140 Anti-Money Laundering and Counter-Terrorism Financing Act Receiving a designated service using a false customer name or customer anonymity
- Section 141 Anti-Money Laundering and Counter-Terrorism Financing Act Customer commonly known by 2 or more different names – disclosure to reporting entity
- Section 142 Anti-Money Laundering and Counter-Terrorism Financing Act Conducting transactions so as to avoid reporting requirements relating to threshold transactions
- Section 143 Anti-Money Laundering and Counter-Terrorism Financing Act Conducting transfers so as to avoid reporting requirements relating to cross-border movements of physical currency