This amendment to the Anti-Money Laundering (AML) and Counter-Terrorism Financing Act of 2006 came into force on 1 March, 2016. This law regulates the procedures through which a reporting entity verifies a customer’s identity before providing him any designated services. Certain low-risk services and pre-commencement customers are subject to modified identification procedures.
This amendment lays out how reporting entities should notify the Chief Executive Officer of the Australian Transaction Reports of any suspicious transaction, including international fund transfers and cross- border movements. It ensures that all reporting entities comply with anti-money and counter-terrorism prevention programs.