Overview of the Acts

Objectives

In this module we will address the following questions:

• What is the purpose of the FTR Act?
• To whom does the FTR Act apply?
• What are the key requirements of the FTR Act?
• Who enforces the FTR Act?
• What types of transactions must be reported?
• What is the purpose of the AML/CTF Act?
• How much flexibility do businesses have under the AML/CTF Act?
• Who administers the AML/CTF Act?
• To whom does the AML/CTF Act apply?
• What are the key requirements of the AML/CTF Act?
• What are the key 'know your customer' (KYC) obligations?
• What are the AML/CTF Rules?
• What is a designated business group (DBG)?
• How does AUSTRAC promote compliance with the legislation?

Your key learning objectives will be to respond effectively to each of the questions listed above.