Objective The purpose of this Public Legal Interpretation is to set out views on the AUSTRAC’s identification procedures set out in Part 2, Divisions 1-5 and 7 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). This Public Legal Interpretation does not cover ongoing customer due diligence as defined in Part 2, Division 6 of the AML/CTF Act. This Public Legal Interpretation deals with: Section one: The nature and content of risk-based customer identification ‘applicable under Part 7 of the AML/CTF Act and the Anti-Money Laundering and procedures’ Counter-Terrorism Financing Rules Instrument 2007 (No.1) (AML/CTF Rules 2007) Section two: When and in what circumstances customer identification ‘applicable procedures’ are to be carried out as set out in Part 2 of the AML/CTF Act Section three: Relevance of the in the Financial Transaction ‘100 point check’ prescribed Reports Regulations 1990 for identification procedures under the AML/CTF Act. Introduction The objects of the AML/CTF Act obligations include fulfilling Australia’s international and addressing matters of international concern in combating money laundering and the financing of terrorism. To fulfil these obligations and address matters of international concern, the AML/CTF Act places obligations on reporting entities under the Act when providing designated services.
Objective The purpose of this Public Legal Interpretation is to set out AUSTRAC’s views on the identification procedures set out in Part 2, Divisions 1-5 and 7 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). This Public Legal Interpretation does not cover ongoing customer due diligence as defined in Part 2, Division 6 of the AML/CTF Act. This Public Legal Interpretation deals with: Section one: The nature and content of risk-based ‘applicable customer identification procedures’ under Part 7 of the AML/CTF Act and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1) (AML/CTF Rules 2007) Section two: When and in what circumstances ‘applicable customer identification procedures’ are to be carried out as set out in Part 2 of the AML/CTF Act Section three: Relevance of the ‘100 point check’ prescribed in the Financial Transaction Reports Regulations 1990 for identification procedures under the AML/CTF Act. Introduction The objects of the AML/CTF Act include fulfilling Australia’s international obligations and addressing matters of international concern in combating money laundering and the financing of terrorism. To fulfil these obligations and address matters of international concern, the AML/CTF Act places obligations on reporting entities under the Act when providing designated services.