Introduction For reporting entities providing a designated service in Australia, ongoing customer due diligence is a mandatory process to identify, assess, manage, and mitigate money laundering and terrorism financing risks. Mandated by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006…
Introduction Customer due diligence is a core requirement under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (‘AML/CTF Act‘) that requires reporting entities to collect and verify accurate customer information before they provide a designated service. By establishing customer…
Introduction The Australian Transaction Reports and Analysis Centre (AUSTRAC) operates as Australia’s anti-money laundering and counter-terrorism financing regulator and specialist financial intelligence unit. Established in 1989 under the now superseded Financial Transaction Reports Act 1988 (Cth), the agency collects financial…
Introduction Revolut Payments Australia Pty Ltd has applied to the Australian Prudential Regulation Authority (APRA) to become a licensed Authorised Deposit-taking Institution (ADI). As an e-wallet provider, the company is seeking this regulatory approval to transition its virtual customer accounts…
Introduction Any Australian business or professional entity that will provide a designated service with a geographical link to Australia must enrol with AUSTRAC. The enrolment period opened on 31 March 2026, and completing this process is a strict legal obligation…
Introduction A designated service is a specific business activity listed in Section 6 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (‘AML/CTF Act‘) that poses a risk for money laundering and terrorism financing. From 1 July 2026, expanded…
Introduction Reforms to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (‘AML/CTF Act‘) that took effect on 31 March 2026 for existing reporting entities replaced the designated business group model with a new reporting group framework. This updated group…
Introduction Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (‘the Act’) (the Act), a reporting entity is any business or individual that provides a designated service with a geographical link to Australia. Understanding this classification is critical for…
The new Reporting Group model allows for broader, more strategic compliance partnerships but demands careful planning, clear governance, and early action to manage the increased liability of the Lead Entity.
The new Reporting Group model allows for broader, more strategic compliance partnerships but demands careful planning, clear governance, and early action to manage the increased liability of the Lead Entity.
