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Do I need to Comply?

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.

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