The Anti-Money Laundering and Counter-Terrorism Financing Act 2006
(AML/CTF Act) amends the Privacy Act 1988
(the Privacy Act) so small businesses that will be reporting entities
for the purposes of AML/CTF, will also be subject to the Privacy Act in
regard to their obligations under the AML/CTF Act. This includes small
businesses that may be exempt from obligations under the Privacy Act in
terms of other business activities they undertake.
The Privacy Commissioner has issued a FAQ brochure (PDF) for affected small businesses and has suggested they consider applying the NPP obligations to all their business activities.