If you operate a financial services business in Australia that falls within the definition of a reporting entity in Part 1 Section 5 of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act you will need to comply with the Act and the AML/CTF Rules.  A reporting entity is one which provides the designated services referred to in Section 6 of the Act.

In general, if you provide any of the following types of financial services, the AML/CTF obligations are likely to apply:

  • Account and deposit taking services
  • AFSL holder arranging a designated service
  • Cash carrying and payroll services
  • Chequebook access facilities
  • Currency exchange services
  • Custodial/depository services
  • Debit card access facilities
  • Debt instruments
  • Electronic funds transfers
  • Lease/hire purchase services
  • Life insurance services
  • Loan services
  • Money/postal orders
  • Pension/annuity services
  • Remittance services (money transfers)
  • Retirement savings accounts
  • Securities markets and investment services
  • Stored value cards
  • Superannuation and approved deposit funds
  • Travellers cheques exchange services

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