New guidance to help you implement AML/CTF reforms
From 17 June 2021, reforms to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) came into effect that will streamline your compliance and help you protect your business from the harms of money laundering, terrorism financing and other serious crimes.
The reforms clarify obligations regarding customer due diligence before providing a designated service, involve changes to strengthen the protections for correspondent banking relationships, expand the circumstances in which reporting entities can rely on a third party for customer identification and verification, and expand the exceptions to the prohibition of tipping off.
In addition to the updated AML/CTF Rules and legislation, detailed guidance is available to help you implement these changes.
It includes detailed online regulatory guides and downloadable quick guides, which provide you with information about AUSTRAC’s expectations, along with examples to help you understand your obligations.
Read the guides for each of the reforms at the links below. Key legislative references are also provided.