Key obligations under the anti-money laundering and counter-terrorism financing legislation

This guidance note explains the key obligations of reporting entities under the AML/CTF Act. They include enrollment and registration with AUSTRAC, establishment and management of an AML/CTF program, conducting customer due diligence, requirements relating to reporting, and requirements relating to record keeping obligations. This guidance note also covers some key concepts that legal practitioners are likely to come across, including what is a risk-based approach to regulatory compliance, who are “politically exposed persons” and a reporting entity’s dealings with them, and what is “KYC” (being the collection and verification of minimum “know your customer” information). It is useful that legal practitioners have working knowledge of these concepts when communicating with and advising clients.

See Key obligations under the anti-money laundering and counter-terrorism financing legislation.