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

The reporting entity must designate an individual as the compliance officer (the AML/CTF compliance officer) for the reporting entity.

A reporting entity must ensure that the individual designated as the AML/CTF compliance officer for the reporting entity:

is a person employed or otherwise engaged by the reporting entity at management level; and

has sufficient authority, independence and access to resources and information to ensure the individual can perform the functions of an AML/CTF compliance officer effectively.

An individual is not eligible to be designated as the AML/CTF compliance officer for a reporting entity unless the individual:

if the reporting entity provides its designated services at or through a permanent establishment of the reporting entity in Australia—is a resident of Australia; and

is a fit and proper person; and

meets the requirements (if any) specified in the AML/CTF Rules.

The AML/CTF Rules may specify matters to which a reporting entity must have regard in determining whether an individual is a fit and proper person for the purposes of paragraph (3)(b).

Subsection (2) is a civil penalty provision.

A reporting entity contravenes this subsection if:

the reporting entity designates an individual as its AML/CTF compliance officer; and

the individual is not eligible under subsection (3) to be designated as the AML/CTF compliance officer for the reporting entity.

Subsection (6) is a civil penalty provision.