What Australia Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) - AUSTRAC Designated Services, Reporting and Tranche 2 Expansion requires
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) is the principal Australian federal statute establishing AML/CTF obligations on reporting entities providing designated services. The Act establishes the Australian Transaction Reports and Analysis Centre (AUSTRAC) as the federal financial intelligence unit and regulator. Reporting entities are persons providing one or more designated services as listed in Section 6 of the Act (financial services, gambling, bullion, remittance, and from 2026 expanded tranche-2 services including legal, accountancy, real estate, dealers in precious metals and stones, trust and company service providers). Section 41 requires reporting of suspicious matters to AUSTRAC where reasonable grounds exist to suspect money laundering, terrorism financing or other serious crime, regardless of whether a transaction actually occurs, with the report submitted within three business days for general suspicion or twenty-four hours for terrorism financing suspicion. Sections 43-44 require reporting of threshold transactions at or above AUD 10,000 or equivalent. Sections 45-46 require reporting of international funds transfer instructions (IFTI) regardless of value. Part 1A and Part 7 require customer identification (KYC) before or in the course of providing a designated service, with ongoing customer due diligence under Sections 30-36. Part 8 requires reporting entities to develop, maintain and implement a written AML/CTF program (Part A risk assessment under Sections 26C-26E and Part B procedures under Section 26F). Part 2 covers correspondent banking relationships. Part 6A introduced by the AML/CTF Amendment Act 2024 (commenced 31 March 2026 for tranche 2 entities) extends obligations to virtual asset service providers (VASPs) and to the previously unregulated tranche 2 professions. Civil penalties for failure to comply reach AUD 22.2 million per contravention for a body corporate (calculated using the 100,000 penalty unit benchmark under Section 4AA of the Crimes Act 1914 as adjusted from 1 July 2025). Criminal penalties for false or misleading information under Section 136 include imprisonment up to ten years. The AML/CTF Act operates in conjunction with the Criminal Code Act 1995 (Cth) Division 400 money-laundering offences and the Charter of the United Nations Act 1945 sanctions regime administered by the Department of Foreign Affairs and Trade.
Pillar: Financial Crime, AML & Sanctions · Authority: Parliament of Australia; Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) Act No. 169 of 2006, in force as Commonwealth law; most recently amended by the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) which commenced tranche 2 expansion provisions in stages from 31 March 2026 · Version: 1.0.0 · Last updated:
Primary source: https://www.legislation.gov.au/C2006A00169/latest/text
SHA-256 integrity: 3122b4f2914541bfc03e81ba0f58eb10681a54febf26f5cf8e99da72449f00ca
Primary Citations — 8 traced to source
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) Act No. 169 of 2006, Section 6 designated services, Section 41 suspicious matter reporting, Sections 43-44 threshold transaction reporting, Sections 45-46 international funds transfer instructions, Part 1A and Part 7 customer identification, Sections 30-36 ongoing customer due diligence, Part 8 AML/CTF program (Sections 26C-26F), Part 6A virtual asset service providers and tranche 2 expansion, Section 123 tipping off prohibition, Section 136 false or misleading information offence
- Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) Act No. 90 of 2024 - extending designated services to virtual asset service providers and tranche 2 professional services (lawyers, accountants, real estate agents, dealers in precious metals and stones, trust and company service providers), with staged commencement and the bulk of tranche 2 obligations from 31 March 2026
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