Act Commencement
The AML/CTF Act 2006 commenced on 12 December 2006, replacing the Financial Transaction Reports Act regime.
AML/CTF Act 2006
AML/CTF Act 2006
Complete guide to Australia's AML/CTF Act 2006. Understand the Anti-Money Laundering and Counter-Terrorism Financing Act requirements, obligations, and penalties.
Key Information
Understanding the AML/CTF Act 2006
The AML/CTF Act 2006 (Anti-Money Laundering and Counter-Terrorism Financing Act 2006) is Australia's primary legislation for combating money laundering and terrorism financing. Commencing in December 2006, it established the modern regulatory framework administered by AUSTRAC.
The Act creates obligations for 'reporting entities' that provide 'designated services' to identify customers, monitor transactions, and report suspicious activity. It has been amended multiple times, with 2024 amendments introducing the most significant changes including Tranche 2 professional services coverage.
AML/CTF Act 2006 Overview
Designated Services
The Act defines designated services triggering AML/CTF obligations across financial, gambling, and other sectors.
Reporting Entities
Businesses providing designated services become 'reporting entities' with compliance obligations.
AML/CTF Programs
The Act requires reporting entities to develop and maintain AML/CTF programs managing ML/TF risks.
Reporting Duties
Creates obligations for suspicious matter reports, threshold transactions, and international transfers.
AUSTRAC Powers
Establishes AUSTRAC as regulator with supervision, rule-making, and enforcement powers.
Frequently asked questions
What is the AML/CTF Act 2006?
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 is Australia's primary legislation combating money laundering and terrorism financing. It establishes AUSTRAC as regulator and creates obligations for reporting entities.
Who must comply with the AML/CTF Act 2006?
Reporting entities providing designated services must comply. Currently: banks, credit unions, remitters, digital currency exchanges, gambling providers, bullion dealers. From July 2026: lawyers, accountants, real estate agents, TCSPs.
What are the main requirements of the Act?
Key requirements: enrol with AUSTRAC, maintain an AML/CTF program, conduct customer due diligence, monitor transactions, report suspicious matters and threshold transactions, keep records for 7 years.
Has the AML/CTF Act 2006 been amended?
Yes, the Act has been amended multiple times. The most significant changes came in 2024 with amendments introducing Tranche 2 (professional services coverage) and simplifying compliance requirements.
Related resources
AML/CTF Act Compliance
ARCaml helps businesses comply with the AML/CTF Act 2006 requirements.