Australia and Money Laundering
The Government of Australia has introduced new laws in the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. It is important that it has implemented new anti-money laundering and counter-terrorism financing laws in order to meet international standards as well as to protect businesses from the risk to be exploited for money laundering and terrorism financing.
Physical persons in Australia should be aware of the fact that from December 12, 2007 the new laws started to affect customers of many service providers. These service providers include banks, building societies, lending, leasing and hire purchase companies, credit unions, asset management companies, foreign exchange dealers, stored value card issuers, issuers of traveller’s cheques, remittance dealers, life insurers, financial planners, superannuation funds, custodial service companies, cash couriers and securities dealers, the gambling sector (casinos, internet and electronic gaming service providers, bookmakers, clubs and pubs, TABs, and bullion dealers).
Many customers might be affected by the new laws when opening an account with a financial institution, transferring funds electronically, undertaking a large gambling cash transaction, etc. When conducting a transaction in Australia, a customer may be required to provide different forms of identification that depend on the risk level of the transaction. The Australian Government requires just a driver’s licence for a low risk transaction, while more customer information might be required for a higher risk transaction.
More detailed information on the new rules that have been in force since December 12, 2007 can be found on the website of the Australian Government.