Federal Register of Legislation - Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (original) (raw)
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Anti-Money Laundering and Counter-Terrorism Financing Act 2006
In force
Administered by
- Attorney-General's Department
Superseded version
C2023C00153 (C52)
01 July 2023 - 13 September 2023
Legislation text
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Table of contents
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- 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
- Division 1—Introduction
- 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
- Division 1—Introduction
- Part 3A—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
- Division 1—Simplified outline of this Part
- 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
- Division 1—Introduction
- 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
- Division 1—Simplified outline
- 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
- Division 1—Simplified outline
- 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
- Division 1—Introduction
- Part 8—Correspondent banking
- Part 9—Countermeasures
- 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
- Division 1—Introduction
- 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
- Division 1—Introduction
- 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
* 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
- Division 1—Introduction
- Part 14—Information gathering powers
- 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
- Division 1—Introduction
- 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
* 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 7—AML/CTF Rules
* 229 AML/CTF Rules
- Division 1—Introduction
- Part 17—Vicarious liability
- 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