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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.