The Australian Transaction Reports and Analysis Centre (AUSTRAC) was established under the Financial Transaction Reports Act 1988 (FTR Act) and continues in existence under section 209 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
The legislation most relevant to the work of AUSTRAC includes:
- Financial Transaction Reports Act 1988
- Financial Transaction Reports Regulations 1990
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Act 2006
- AML/CTF Rules
The FTR Act and the AML/CTF Act place certain obligations on providers of designated financial, bullion and gambling services.
As a result of the AML/CTF Act, a number of consequential amendments to other Commonwealth legislation, including the FTR Act, were necessary. The AML/CTF (Transitional Provisions and Consequential Amendments) Act makes those amendments, which include the repeal of some provisions of the FTR Act.
The FTR Act will continue to operate in parallel with the AML/CTF Act. The FTR Act will continue to apply to cash dealers who are not reporting entities under the AML/CTF Act.