Anti-Money Laundering Bills introduced

The Government has introduced the first tranche of the Anti-money laundering/Counter-terrorism financing (AML/CTF) legislation into Commonwealth Parliament:

The 282-page AML/CTF bill has staggered operative dates. Specific operative dates include:
   

  • Identification procedures: 12 months after the bill receives assent.
  • Reporting obligations: 24 months after the bill receives assent.
  • AML/CTF reports: 6 months after the bill receives assent.
  • Cross-border currency transactions: when the bill receives assent.
  • Electronic funds transfer instructions: when the bill receives assent.
  • AML/CTF programs: 12 months after the bill receives assent.
  • Record-keeping requirements: 6 months after the bill receives assent

The Attorney-General’s Department AML website

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