Anti-money laundering
Enhanced AML/CTF regulation of the alternative remittance sector
On 23 April 2010 the Minister for Home Affairs, the Hon Brendan O’Connor MP, released a discussion paper that provided a high level overview of proposed reforms to strengthen regulation of Australia’s remittance sector in order to combat serious crimes such as people smuggling.
On 16 July 2010 the Minister followed up the discussion paper with specific proposals for an enhanced AML/CTF registration scheme for the remittance sector. The enhanced AML/CTF remittance registration proposal paper is designed to inform and facilitate further consultations on the proposed reforms.
The Attorney-General's Department and AUSTRAC will begin consultations with the remittance sector in the week of 19 July 2010.
- Enhanced AML/CTF remittance registration proposals [DOC 190KB]
- Enhanced AML/CTF remittance registration proposals [PDF 395KB]
- Enhanced AML/CTF remittance registration proposals [RTF 2.5MB]
Anti-money laundering and counter-terrorism financing measures
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) aims to address the risk of money laundering in Australia and the threat to national security caused by the financing of terrorism.
The AML/CTF Act also implements Australia’s international obligations including a commitment to bring our AML/CTF regime in line with the international standards as set out by the Financial Action Task Force on Money Laundering (FATF).
The AML/CTF Act covers the financial sector including banks, credit unions, building societies and trustees and extends to casinos, TABs wagering service providers and bullion dealers.
