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Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth)

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.

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