The New Australian AML & CTF Rules and Their Application to International Business Transactions
In 2013, FTI Consulting participated in a consultation process led by the Australian Transaction Reports and Analysis Centre (“AUSTRAC”) by providing a submission outlining possible areas of enhancement to the Anti-Money Laundering and Counter-Terrorism (“AML & CTF”) financing Customer Due Diligence (“CDD”) regime.
Following the consultation process, amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (“the Act”) were made and became effective on 1 June 2014. As a result, individuals and companies providing a range of financial and lending services, brokering and exchange, insurance and remittance services — including real estate agents, lawyers, trust and company service providers — are now subject to an enhanced regime of requirements.
FTI Consulting takes a closer look at some of the key amendments to the Act as well as a number of significant existing provisions that companies should be aware of.