Anti-Money Laundering and Counter-Terrorism Financing Act 2006

In force

Administered by

Department of Home Affairs

Superseded version

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C2022C00179 (C51)

17 June 2022 - 30 June 2023

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 Commonwealth, State or Territory agencies
- 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.
- 32 Carrying out applicable customer identification procedure before commencement of provision of designated service
- 33 Special circumstances that justify carrying out the applicable customer identification procedure after the commencement of the provision of a designated service
- 34 Carrying out the applicable customer identification procedure after the commencement of the provision of a designated service 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
- 35A Reporting entities may disclose certain personal information to credit reporting bodies for identity verification purposes
- 35B Credit reporting bodies may use and disclose certain personal information for identity verification purposes
- 35C Reporting entities to notify inability to verify identity
- 35D Verification information not to be collected or held by a credit reporting body
- 35E Retention of verification information—credit reporting bodies
- 35F Retention of verification information—reporting entities
- 35G Access to verification information
- 35H Unauthorised access to verification information—offence
- 35J Obtaining access to verification information by false pretences—offence
- 35K Unauthorised use or disclosure of verification information—offence
- 35L Breach of requirement is an interference with privacy
- Division 6—Ongoing customer due diligence
- 36 Ongoing customer due diligence
- Division 7—General provisions
- 37 Applicable customer identification procedures may be carried out by an agent of a reporting entity
- 37A Reliance on applicable customer identification procedures or other procedures—agreements or arrangements
- 37B Regular assessments of agreement or arrangement covered by section 37A
- 38 Reliance on applicable customer identification procedures or other procedures—other circumstances
- 39 General exemptions
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 monetary instruments
- Division 1—Simplified outline of this Part
  - 52 Simplified outline of this Part
- Division 2—Reports about monetary instruments
- 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 of this Part
- 95 Prohibitions on correspondent banking relationships involving shell banks
- 96 Due diligence assessments and records of 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 in connection with the carrying out 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 correspondent banking relationships
  - 117 Retention of records about 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 of this Part
- Division 2—AUSTRAC entrusted persons
  - 121 Offence—AUSTRAC entrusted persons
- Division 3—Protection of information given under Part 3
  - 123 Offence of tipping off
  - 124 Report and information not admissible
- Division 4—Access to AUSTRAC information by Commonwealth, State or Territory agencies
  - 125 Access to AUSTRAC information
  - 126 Dealings with AUSTRAC information
- Division 5—Disclosure of AUSTRAC information to foreign countries or agencies
  - 127 Disclosure of AUSTRAC information to foreign countries or agencies
- Division 6—Unauthorised accessing of or use or disclosure of AUSTRAC information
  - 128 Unauthorised accessing of AUSTRAC information
  - 129 Use or disclosure of AUSTRAC information disclosed in contravention of this Part
- Division 7—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 to avoid reporting requirements relating to cross border movements of monetary instruments
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
- 151 Authorised officer must produce identity card on request
- 152 Consent
- 153 Announcement before entry
- 154 Details of monitoring warrant to be given to occupier etc. before entry
- 155 Use of electronic equipment in exercising monitoring powers
- 156 Compensation for damage to electronic equipment
- 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
- 161 External audits—risk management etc.
- 162 External audits—compliance
- 163 External auditor may have regard to the results of previous audit
- 164 External auditors
- 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 for cross border movements of monetary instruments
  - 199 Questioning and search powers in relation to monetary instruments
  - 201 Arrest without warrant
- 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

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Legislation text