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:
The FTR Act and the AML/CTF Act place certain obligations on providers of designated financial, bullion and gambling services.
In conjunction with the introduction of the AML/CTF Act, a number of consequential amendments to other Commonwealth legislation, including the FTR Act, were made.
The FTR Act continues 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.
Legislation to give effect to cost recovery for AUSTRAC's regulatory activities received Royal Assent on 28 June 2011.