If you operate a financial services business in Australia and the services you provide fall within the definition of designated services in Section 6 of the  Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act you are a Reporting Entity and will need to comply with the Act and the AML/CTF Rules.

Who do the AML/CTF Obligations Apply to?

In general, if you provide any of the following types of financial services and have a geographical link to Australia, some or all of the obligations in the AML/CTF Act and Rules will apply to you.

Services provided by Authorised Deposit-taking Institutions (ADIs) and other financial service providers:

• AFSL holders which arrange for clients to receive a designated service;
• Life insurance services;
• Custodial/depository services;
• Superannuation fund management;
• Securities markets and investment services;
• Providing pension/annuity services or retirement savings accounts;
• Lease/hire purchase services;
• Loans or finance;
• Preparing payroll for other businesses;
• Issuing money/postal orders;
• Issuing stored value cards; or
• Issuing travellers cheques.

Services provided which also require registration with AUSTRAC:

• Digital Currency Exchange;
• Remittance services (money transfers);
• Currency exchange services.

Services Provided by ADIs:

• Account and deposit-taking services;
• Chequebook access facilities;
• Debit card access facilities;
• Accepting electronic funds transfers.

To have a geographical link to Australia, one of the following must apply to you:

• Providing designated services at or through a permanent establishment in Australia;
• You are a resident of Australia providing designated services at or through a permanent establishment in a foreign country;
• You are a subsidiary of a company that is resident in Australia and providing designated services at or through a permanent establishment in a foreign country.

If you would like further information or assistance, please contact Sophie Grace directly.