Anti-Money Laundering and Counter-Terrorism Financing Act 2006

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Department of Home Affairs

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C2020C00362 C49

01 February 2020 - 16 June 2021

Table of contents

Part 1—Introduction
- 1 Short title
- 2 Commencement
- 3 Objects
- 4 Simplified outline
- 5 Definitions
- 6 Designated services
- 7 Services provided jointly to 2 or more customers
- 8 Person-to-person electronic funds transfer instructions
- 9 Same-person electronic funds transfer instructions
- 10 Designated remittance arrangements etc.
- 11 Control test
- 12 Owner-managed branches of ADIs
- 13 Eligible gaming machine venues
- 14 Residency
- 15 Shell banks
- 16 Electronic communications
- 17 Bearer negotiable instruments
- 18 Translation of foreign currency to Australian currency
- 19 Translation of digital currency to Australian currency
- 20 Clubs and associations
- 21 Permanent establishment
- 22 Officials of designated agencies etc.
- 23 Continuity of partnerships
- 24 Crown to be bound
- 25 Extension to external Territories
- 26 Extra-territorial application
Part 2—Identification procedures etc.
- Division 1—Introduction
  - 27 Simplified outline
- Division 2—Identification procedures for certain pre-commencement customers
  - 28 Identification procedures for certain pre-commencement customers
  - 29 Verification of identity of pre-commencement customer etc.
- Division 3—Identification procedures for certain low-risk services
  - 30 Identification procedures for certain low-risk services
  - 31 Verification of identity of low-risk service customer etc.
- Division 4—Identification procedures etc.
- Division 5—Verification of identity etc.
  - 35 Verification of identity of customer etc.
- Division 5A—Use and disclosure of personal information for the purposes of verifying an individual’s identity
- Division 6—Ongoing customer due diligence
  - 36 Ongoing customer due diligence
- Division 7—General provisions
Part 3—Reporting obligations
- Division 1—Introduction
  - 40 Simplified outline
- Division 2—Suspicious matters
  - 41 Reports of suspicious matters
  - 42 Exemptions
- Division 3—Threshold transactions
  - 43 Reports of threshold transactions
  - 44 Exemptions
- Division 4—International funds transfer instructions
  - 45 Reports of international funds transfer instructions
  - 46 International funds transfer instruction
- Division 5—AML/CTF compliance reports
  - 47 AML/CTF compliance reports
  - 48 Self-incrimination
- Division 6—General provisions
Part 3A—Reporting Entities Roll
- 51A Simplified outline
- 51B Reporting entities must enrol
- 51C Reporting Entities Roll
- 51D Enrolment
- 51E Applications for enrolment
- 51F Enrolled persons to advise of change in enrolment details
- 51G Removal of entries from the Reporting Entities Roll
Part 4—Reports about cross-border movements of physical currency and bearer negotiable instruments
- Division 1—Introduction
  - 52 Simplified outline
- Division 2—Reports about physical currency
- Division 3—Reports about bearer negotiable instruments
  - 59 Reports about movements of bearer negotiable instruments into or out of Australia
  - 60 Obligations of customs officers and police officers
- Division 4—Information about reporting obligations
  - 61 Power to affix notices about reporting obligations
  - 62 Notice about reporting obligations to be given to travellers to Australia
Part 5—Electronic funds transfer instructions
- Division 1—Introduction
  - 63 Simplified outline
- Division 2—2 or more institutions involved in the transfer
  - 64 Electronic funds transfer instructions—2 or more institutions involved in the transfer
  - 65 Request to include customer information in certain international electronic funds transfer instructions
- Division 3—Only one institution involved in the transfer
  - 66 Electronic funds transfer instructions—only one institution involved in the transfer
- Division 4—General provisions
Part 6—The Remittance Sector Register
- Division 1—Simplified outline
  - 73 Simplified outline
- Division 2—Restrictions on providing certain remittance services
  - 74 Unregistered persons must not provide certain remittance services
- Division 3—Registration of persons
- Division 5—Basis of registration
  - 75T Basis of registration
Part 6A—The Digital Currency Exchange Register
- Division 1—Simplified outline
  - 76 Simplified outline
- Division 2—Restrictions on providing digital currency exchange services
  - 76A Unregistered persons must not provide certain digital currency exchange services
- Division 3—Registration of persons
- Division 4—Basis of registration
  - 76T Basis of registration
Part 7—Anti-money laundering and counter-terrorism financing programs
- Division 1—Introduction
  - 80 Simplified outline
- Division 2—Reporting entity’s obligations
  - 81 Reporting entity must have an anti-money laundering and counter-terrorism financing program
  - 82 Compliance with Part A of an anti-money laundering and counter-terrorism financing program
- Division 3—Anti-money laundering and counter-terrorism financing programs
- Division 4—Other provisions
  - 92 Request to obtain information from a customer
  - 93 Exemptions
Part 8—Correspondent banking
- 94 Simplified outline
- 95 Prohibition of entry into correspondent banking relationships with shell banks etc.
- 96 Termination of correspondent banking relationship with shell bank etc.
- 97 Due diligence assessments before entering into correspondent banking relationships etc.
- 98 Regular due diligence assessments of correspondent banking relationships etc.
- 99 Other rules about correspondent banking relationships
- 100 Geographical links
Part 9—Countermeasures
- 101 Simplified outline
- 102 Countermeasures
- 103 Sunsetting of regulations after 2 years
Part 10—Record-keeping requirements
- Division 1—Introduction
  - 104 Simplified outline
  - 105 Privacy Act not overridden by this Part
- Division 2—Records of transactions etc.
- Division 3—Records of identification procedures
- Division 4—Records about electronic funds transfer instructions
  - 115 Retention of records about electronic funds transfer instructions
- Division 5—Records about anti-money laundering and counter-terrorism financing programs
  - 116 Records about anti-money laundering and counter-terrorism financing programs
- Division 6—Records about due diligence assessments of correspondent banking relationships
  - 117 Retention of records of due diligence assessments of correspondent banking relationships
- Division 7—General provisions
  - 118 Exemptions
  - 119 This Part does not limit any other obligations
Part 11—Secrecy and access
- Division 1—Introduction
  - 120 Simplified outline
- Division 2—Secrecy
  - 121 Secrecy—AUSTRAC information and AUSTRAC documents
  - 122 Secrecy—information obtained under section 49
- Division 3—Disclosure of information
  - 123 Offence of tipping off
  - 124 Report and information not admissible
- Division 4—Access to AUSTRAC information by agencies
- Division 5—Use of AUSTRAC information in court or tribunal proceedings
  - 134 Use of AUSTRAC information in court or tribunal proceedings
Part 12—Offences
- 135 Simplified outline
- 136 False or misleading information
- 137 Producing false or misleading documents
- 138 False documents
- 139 Providing a designated service using a false customer name or customer anonymity
- 140 Receiving a designated service using a false customer name or customer anonymity
- 141 Customer commonly known by 2 or more different names—disclosure to reporting entity
- 142 Conducting transactions so as to avoid reporting requirements relating to threshold transactions
- 143 Conducting transfers so as to avoid reporting requirements relating to cross-border movements of physical currency
Part 13—Audit
- Division 1—Introduction
  - 144 Simplified outline
- Division 2—Appointment of authorised officers and issue of identity cards
  - 145 Appointment of authorised officers
  - 146 Identity cards
- Division 3—Powers of authorised officers
  - Subdivision A—Monitoring powers
  - Subdivision B—Powers of authorised officers to ask questions and seek production of documents
    - 150 Authorised officer may ask questions and seek production of documents
- Division 4—Obligations and incidental powers of authorised officers
- Division 5—Occupier’s rights and responsibilities
  - 157 Occupier entitled to be present during execution of monitoring warrant
  - 158 Occupier to provide authorised officer with facilities and assistance
- Division 6—Monitoring warrants
  - 159 Monitoring warrants
  - 160 Magistrates—personal capacity
- Division 7—External audits
- Division 8—Money laundering and terrorism financing risk assessments
  - 165 Money laundering and terrorism financing risk assessments
Part 14—Information-gathering powers
- 166 Simplified outline
- 167 Authorised officer may obtain information and documents
- 168 Copying documents—reasonable compensation
- 169 Self-incrimination
- 170 Copies of documents
- 171 Authorised officer may retain documents
- 172 Division 400 and Chapter 5 of the Criminal Code
Part 15—Enforcement
- Division 1—Introduction
  - 173 Simplified outline
- Division 2—Civil penalties
- Division 3—Infringement notices for certain contraventions
- Division 4—Monitoring of compliance
  - 190 Monitoring of compliance
- Division 5—Remedial directions
  - 191 Remedial directions
- Division 6—Injunctions
- Division 7—Enforceable undertakings
  - 197 Acceptance of undertakings
  - 198 Enforcement of undertakings
- Division 8—Powers of questioning, search and arrest in relation to cross-border movements of physical currency and bearer negotiable instruments
- Division 9—Notices to reporting entities
Part 16—Administration
- Division 1—Introduction
  - 208 Simplified outline
- Division 2—Establishment and function of AUSTRAC
  - 209 Establishment of AUSTRAC
  - 210 Function of AUSTRAC
- Division 3—Chief Executive Officer of AUSTRAC
  - Subdivision A—Office and functions of the AUSTRAC CEO
  - Subdivision B—Appointment of the AUSTRAC CEO etc.
- Division 4—Staff of AUSTRAC etc.
  - 224 Staff of AUSTRAC
  - 225 Consultants and persons seconded to AUSTRAC
- Division 6—Directions by Minister
  - 228 Directions by Minister
- Division 7—AML/CTF Rules
  - 229 AML/CTF Rules
Part 17—Vicarious liability
- 230 Simplified outline
- 231 Criminal liability of corporations
- 232 Civil liability of corporations
- 233 Liability of persons other than corporations
Part 17A—Review of decisions
- 233A Simplified outline
- 233B Reviewable decisions
- 233C Giving notice of reviewable decisions
- 233D Applications for reconsideration of decisions made by delegates of the AUSTRAC CEO
- 233E Reconsideration of reviewable decisions
- 233F Review by the Administrative Appeals Tribunal
- 233G Failure to comply does not affect validity
Part 18—Miscellaneous
- 234 Simplified outline
- 235 Protection from liability
- 236 Defence of taking reasonable precautions, and exercising due diligence, to avoid a contravention
- 237 Treatment of partnerships
- 238 Treatment of unincorporated associations
- 239 Treatment of trusts with multiple trustees
- 240 Concurrent operation of State and Territory laws
- 241 Act not to limit other powers
- 242 Law relating to legal professional privilege not affected
- 243 Validity of transactions
- 244 Reports to the AUSTRAC CEO etc.
- 245 Arrangements with Governors of States etc.
- 246 This Act does not limit other information-gathering powers
- 247 General exemptions
- 248 Exemptions and modifications by the AUSTRAC CEO
- 249 Specification by class
- 250 Schedule 1 (alternative constitutional basis)
- 251 Review of operation of Act
- 252 Regulations
Schedule 1—Alternative constitutional basis
- 1 Alternative constitutional basis
- Endnotes

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Anti-Money Laundering and Counter-Terrorism Financing Act 2006

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Anti-Money Laundering and Counter-Terrorism Financing Act 2006

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