CDD Rules
Verify customer identity, understand business purpose, identify beneficial owners, enhanced due diligence for high-risk.
AML Rules
Australian Money Laundering Rules
Complete guide to money laundering rules in Australia. Learn about AML/CTF Act requirements, reporting obligations, record keeping, and penalties.
Key Information
Key regulatory requirements
Money laundering rules in Australia are established under the AML/CTF Act 2006, enforced by AUSTRAC.
These rules require reporting entities to identify customers, monitor transactions, report suspicious activity, maintain records, and implement risk-based compliance programs.
Key AML/CTF requirements
Reporting Obligations
SMRs for suspicious activity, TTRs for $10K+ cash, IFTIs for international transfers, compliance reports.
Record Keeping
Retain records for 7 years including customer ID, transactions, SMRs, and AML program documentation.
AML Programs
Risk assessments, CID procedures, transaction monitoring, employee training, independent reviews.
Frequently asked questions
What are the penalties for breaking AML rules?
Civil penalties can reach millions per breach. Criminal offences carry up to 25 years imprisonment. AUSTRAC can impose enforceable undertakings and remedial directions.
Who must follow Australian AML rules?
Currently banks, credit unions, remittance providers, casinos, bullion dealers, and financial services. Tranche 2 extends to lawyers, accountants, and real estate agents.
How often must AML programs be reviewed?
Regular reviews with formal independent reviews at least every two years, or when significant changes occur to business operations.
Simplify Your Compliance
ARCaml helps Australian businesses meet AML/CTF obligations.