Anti-money laundering
Do you have questions about the new anti-money laundering and counter-terrorism financing laws? For more information go to the Information for Customers page.
Anti-Money Laundering and Counter-Terrorism Financing Measures
The anti-money laundering and counter-terrorism financing (AML/CTF) reforms are aimed at addressing the risk of money laundering in Australia and the threat to national security caused by the financing of terrorism.
The reforms seek to implement 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).
A new legislative framework has recently been put in place through the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. This first tranche of reforms covers the financial sector including banks, credit unions, building societies and trustees and extends to casinos, TABs wagering service providers and bullion dealers.
The second tranche of reforms will cover real estate agents, dealers in precious metals and dealers in precious stones and a range of non-financial transaction provided by accountants, lawyers and trust and company service providers.