ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006

Table of Provisions

• Long Title

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

• 49 Further information to be given to the AUSTRAC CEO etc.  
• 49A AML/CTF Rules may make provision in relation to reports by registered remittance affiliates  
• 50 Request to obtain information about the identity of holders of foreign credit cards and foreign debit cards  
• 50A Secrecy--information obtained under section 49  
• 51 Division 400 and Chapter 5 of the Criminal Code  

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

• 53 Reports about movements of monetary instruments into or out of Australia  
• 54 Reports about receipts of monetary instruments moved into Australia  
• 55 Movements of monetary instruments into Australia  
• 56 Movements of monetary instruments out of Australia  
• 57 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

• 67 Exemptions  
• 68 Defence of relying on information supplied by another person  
• 69 Division 400 and Chapter 5 of the Criminal Code  
• 70 Required transfer information  
• 71 Complete payer information  
• 72 Tracing information  

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

• 75 Remittance Sector Register  
• 75A Information to be entered on the Remittance Sector Register  
• 75B Applications for registration  
• 75C Registration by AUSTRAC CEO  
• 75D Spent convictions scheme  
• 75E Registration may be subject to conditions  
• 75F When registration of a person ceases  
• 75G Cancellation of registration  
• 75H Suspension of registration  
• 75J Renewal of registration  
• 75K Removal of entries from the Remittance Sector Register  
• 75L AML/CTF Rules--general provision  
• 75M Registered persons to advise of material changes in circumstance etc.  
• 75N AUSTRAC CEO may request further information  
• 75P Immunity from suit  
• 75Q Steps to be taken by AUSTRAC CEO before making certain reviewable decisions  

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

• 76B Digital Currency Exchange Register  
• 76C Information to be entered on the Digital Currency Exchange Register  
• 76D Applications for registration  
• 76E Registration by AUSTRAC CEO  
• 76F Spent convictions scheme  
• 76G Registration may be subject to conditions  
• 76H When registration of a person ceases  
• 76J Cancellation of registration  
• 76K Suspension of registration  
• 76L Renewal of registration  
• 76M Removal of entries from the Digital Currency Exchange Register  
• 76N AML/CTF Rules--general provision  
• 76P Registered persons to advise of material changes in circumstance etc.  
• 76Q AUSTRAC CEO may request further information  
• 76R Immunity from suit  
• 76S Steps to be taken by AUSTRAC CEO before making certain reviewable decisions  

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

• 83 Anti - money laundering and counter - terrorism financing programs  
• 84 Standard anti - money laundering and counter - terrorism financing program  
• 85 Joint anti - money laundering and counter - terrorism financing program  
• 86 Special anti - money laundering and counter - terrorism financing program  
• 87 Revocation of adoption of anti - money laundering and counter - terrorism financing program  
• 88 Different applicable customer identification procedures  
• 89 Applicable customer identification procedures--agent of customer  
• 90 Applicable customer identification procedures--customers other than individuals  
• 91 Applicable customer identification procedures--disclosure certificates  

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.

• 106 Records of designated services  
• 107 Transaction records to be retained  
• 108 Customer - provided transaction documents to be retained  
• 109 Records relating to transferred ADI accounts  
• 110 Retention of records relating to closed ADI accounts  

Division 3--Records in connection with the carrying out of identification procedures

• 111 Copying documents obtained in the course of carrying out an applicable custom identification procedure  
• 112 Making of records of identification procedures  
• 113 Retention of records of identification procedures  
• 114 Retention of information if identification procedures taken to have been carried out by a reporting entity  
• 114A Retention of records of assessments of agreements or arrangements covered by section 37A  

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

• 147 Authorised officer may enter premises by consent or under a monitoring warrant  
• 148 Monitoring powers of authorised officers  
• 149 Tampering or interfering with things secured in the exercise of 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

• 174 Ancillary contravention of civil penalty provision  
• 175 Civil penalty orders  
• 176 Who may apply for a civil penalty order  
• 177 2 or more proceedings may be heard together  
• 178 Time limit for application for an order  
• 179 Civil evidence and procedure rules for civil penalty orders  
• 180 Civil proceedings after criminal proceedings  
• 181 Criminal proceedings during civil proceedings  
• 182 Criminal proceedings after civil proceedings  
• 183 Evidence given in proceedings for penalty not admissible in criminal proceedings  

Division 3--Infringement notices for certain contraventions

• 184 When an infringement notice can be given  
• 185 Matters to be included in an infringement notice  
• 186A Amount of penalty--breaches of certain provisions of Part 3A, 4, 6 or 6A  
• 186B Amount of penalty--breaches of designated infringement notice provisions  
• 187 Withdrawal of an infringement notice  
• 188 What happens if the penalty is paid  
• 189 Effect of this Division on criminal and civil proceedings  

Division 4--Monitoring of compliance

• 190 Monitoring of compliance  

Division 5--Remedial directions

• 191 Remedial directions  

Division 6--Injunctions

• 192 Injunctions  
• 193 Interim injunctions  
• 194 Discharge etc. of injunctions  
• 195 Certain limits on granting injunctions not to apply  
• 196 Other powers of the Federal Court unaffected  

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

• 202 Notices to reporting entities  
• 203 Contents of notices to reporting entities  
• 204 Breaching a notice requirement  
• 205 Self - incrimination  
• 206 Division 400 and Chapter 5 of the Criminal Code  
• 207 Disclosing existence or nature of notice  

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

• 211 AUSTRAC CEO  
• 212 Functions of the AUSTRAC CEO  
• 213 Policy principles  
Subdivision B--Appointment of the AUSTRAC CEO etc.
• 214 Appointment of the AUSTRAC CEO etc.  
• 215 Remuneration and allowances of the AUSTRAC CEO  
• 216 Leave of absence of the AUSTRAC CEO  
• 217 Resignation of the AUSTRAC CEO  
• 219 Termination of the AUSTRAC CEO's appointment  
• 220 Other terms and conditions  
• 221 Acting appointments  
• 222 Delegation by the AUSTRAC CEO  
• 223 Secretary may require the AUSTRAC CEO to give information  

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 6A--AUSTRAC CEO may use computers to take administrative action

• 228A AUSTRAC CEO may use computers to take administrative action  

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