Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024

A reporting entity must keep records that:

are reasonably necessary to demonstrate compliance with the reporting entity’s obligations under Part 1A; and

are in the English language, or in a form in which the records are readily accessible and readily convertible into writing in the English language.

Subsection (1) is a civil penalty provision.

A person who is or was a reporting entity must retain the records referred to in subsection (1) throughout the period:

beginning at the time the record was made; and

ending 7 years after the record is no longer relevant to the reporting entity’s compliance with its obligations under Part 1A.

Subsection (3) is a civil penalty provision.

the person is or has been:

a reporting entity; or

an officer, employee or agent of a reporting entity; or

a member of a reporting group; or

an officer, employee or agent of a member of a reporting group; or

required by a notice under subsection 49(1) to give information or produce documents; or

required by notice under subsection 49B(2) to give information or produce documents; and

This section applies if the AUSTRAC CEO has reasonable grounds to suspect that a reporting entity has not taken, or is not taking, appropriate action to identify, assess, manage or mitigate the risks of money laundering, financing of terrorism and proliferation financing that the reporting entity may reasonably face in providing its designated services at or through a permanent establishment of the reporting entity in Australia.

arrange for the external auditor to carry out an external audit of the reporting entity’s capacity and endeavours to identify, assess, manage or mitigate the risks of money laundering, financing of terrorism and proliferation financing that the reporting entity may reasonably face in providing its designated services at or through a permanent establishment of the reporting entity in Australia; and

The matters that may be specified under paragraph (3)(a) may include either or both of the following:

an assessment of the risks of money laundering, financing of terrorism and proliferation financing that the reporting entity may reasonably face in providing its designated services at or through a permanent establishment of the reporting entity in Australia;

an assessment of what the reporting entity will need to do, or continue to do, to appropriately identify, assess, manage or mitigate the risks of money laundering, financing of terrorism and proliferation financing that the reporting entity may reasonably face in providing its designated services at or through a permanent establishment of the reporting entity in Australia.

subsection 26K(1) or (2) (which deal with reporting entities’ obligation to designate an AML/CTF compliance officer);

subsection 26M(1) (which deals with notifications about AML/CTF compliance officers);

subsection 26N(2) (which deals with AML/CTF program documentation);

subsection 26P(3) (which deals with AML/CTF program approvals);

subsection 26Q(2) (which deals with requests for AML/CTF program documentation);

subsection 116(1) or (3) (which deal with retaining records relating to AML/CTF programs);