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 one or more of the designated services referred to in Section 6 of the Act.
Who do the AML/CTF Obligations Apply to?
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;
- Digital Currency Exchange;
- 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; or
- Travellers cheques exchange services.
If you would like further information or assistance, please contact Sophie Grace directly.