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Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (110 of 2024)
- Front Matter
- 1 Short title
- 2 Commencement
- 3 Schedules
- Schedule 1 AML/CTF programs and business groups
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- 1 Section 4
- 2 Section 4
- 3 Section 5
- 4 Section 5 (definition of anti-money laundering and counter-terrorism financing program)
- 5 Section 5
- 6 Section 5 (definition of control test)
- 7 Section 5 (definition of designated business group)
- 8 Section 5
- 9 Section 5 (definition of joint anti-money laundering and counter-terrorism financing program)
- 10 Section 5
- 11 Section 5 (definition of money laundering and terrorism financing risk assessment)
- 12 Section 5
- 13 Section 5 (definition of reporting entity)
- 14 Section 5
- 15 Section 5 (definition of shell bank)
- 16 Section 5 (definition of special anti-money laundering and counter-terrorism financing program)
- 17 Section 5 (definition of standard anti-money laundering and counter-terrorism financing program)
- 18 After subsection 6(6)
- 19 Section 11
- 20 Subparagraph 14(2)(b)(i)
- 21 Subparagraph 14(3)(b)(i)
- 22 Section 15
- 23 Subsection 21(3)
- 24 After Part 1
- 25 Subsection 35F(5)
- 26 Paragraph 38(d)
- 27 Subsection 39(5)
- 28 Subsections 47(6) and (7)
- 29 Section 51A
- 30 Part 7
- 31 After section 94
- 32 Section 104
- 33 Subsection 108(4)
- 34 Subsection 114B(4)
- 35 Division 5 of Part 10
- 35A Paragraph 123(1)(a)
- 36 Paragraph 124(2)(a)
- 37 Paragraph 124(2)(a)
- 38 Subsection 161(1)
- 39 Paragraph 161(2)(b)
- 40 Subsection 161(4)
- 41 Subparagraph 161(6)(b)(i)
- 42 Subparagraph 161(6)(b)(ii)
- 43 Subparagraph 162(6)(b)(i)
- 44 Subparagraph 162(6)(b)(ii)
- 45 Division 8 of Part 13
- 46 Subsection 184(4) (before paragraph (b) of the definition of designated infringement notice provision)
- 47 Subsection 184(4) (paragraph (g) of the definition of designated infringement notice provision)
- 48 Paragraphs 207(3)(a) and (b)
- 49 Section 234
- 50 After section 236
- Schedule 2 Customer due diligence
- Part 1 Main amendments
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- 1 Section 4
- 2 Section 4
- 3 Section 4
- 4 Section 5 (definition of applicable customer identification procedure)
- 5 Section 5
- 6 Part 2 (heading)
- 7 Divisions 1 to 5 of Part 2
- 8 Division 6 of Part 2
- 9 Section 37 (heading)
- 10 Subsection 37(1)
- 11 Subsection 37(1) (note)
- 12 Subsection 37(2)
- 13 Subsection 37(3)
- 14 Section 37A (heading)
- 15 Paragraph 37A(1)(a)
- 16 Subsection 37A(2)
- 17 Section 38 (heading)
- 18 Paragraph 38(b)
- 19 Section 38
- 20 Subsection 39(6)
- 21 Section 104 (paragraph (a))
- 22 Section 104 (paragraph (b))
- 23 Division 3 of Part 10 (heading)
- 24 Sections 111 to 113
- 25 Section 114 (heading)
- 26 Paragraph 114(1)(b)
- 27 Section 135 (paragraph (c))
- 28 Paragraph 138(1)(a)
- 29 Paragraph 138(1)(b)
- 30 Subsection 138(2)
- 31 Paragraph 138(3)(b)
- 32 Paragraph 138(3)(c)
- 33 Subsection 138(4)
- 34 Subsection 184(4) (paragraph (a) of the definition of designated infringement notice provision)
- 35 Subsection 184(4) (before paragraph (fl) of the definition of designated infringement notice provision)
- 36 Paragraph 235(1)(c)
- Part 2 Consequential amendments
- Banking Act 1959
- 37 Subsection 16AH(7) (heading)
- 38 Subsection 16AH(7)
- Commonwealth Electoral Act 1918
- 39 Subsection 90B(4) (table item 6, column headed "Person or organisation", paragraph (b))
- 40 Subsection 90B(4) (table item 7, column headed "Person or organisation")
- 41 Subsection 90B(10) (definition of applicable customer identification procedure)
- 42 Subsection 91A(2D)
- 43 Subsection 91A(2E)
- 44 Subsection 91A(3) (definition of applicable customer identification procedure)
- Schedule 3 Regulating additional high-risk services
- Part 1 Real estate
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- 1 Section 5
- 2 After subsection 6(5)
- Part 2 Dealers in precious metals and stones
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- 3 Section 5 (definition of bullion)
- 4 Section 5
- 5 After section 5
- 6 Subsection 6(3)
- Part 3 Professional services
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- 7 Section 5 (definition of exempt legal practitioner service)
- 8 Section 5
- 9 Subsection 6(2) (table item 46, column headed "Provision of a designated service", paragraph (b))
- 10 Before subsection 6(6)
- 10A Before subsection 6(7)
- Part 4 Transitional provisions
- 11 Delayed application of certain provisions of this Act
- 12 Application provision - timing of enrolment
- Schedule 4 Legal professional privilege
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- 1 Section 5
- 2 After subsection 26Q(2)
- 3 Subsection 26Q(3)
- 4 Paragraph 41(2)(a)
- 5 After paragraph 41(2)(a)
- 6 After subsection 41(2)
- 7 After paragraph 41(3)(a)
- 8 At the end of subsection 41(3)
- 9 After paragraph 43(3)(a)
- 10 At the end of subsection 43(3)
- 11 Subsection 49(3)
- 12 Before paragraph 49B(5)(a)
- 13 After subsection 49B(6)
- 14 Subsection 49B(7)
- 15 After paragraph 50(6)(a)
- 16 Subsection 50(6) (note)
- 17 At the end of subsection 50(6)
- 18 At the end of section 75N
- 19 At the end of section 76Q
- 20 Subsection 167(4) (at the end of the heading)
- 21 After paragraph 167(4)(a)
- 22 At the end of section 167
- 23 Subsection 184(4) (after paragraph (ae) of the definition of designated infringement notice provision)
- 24 Subsection 184(4) (after paragraph (f) of the definition of designated infringement notice provision)
- 25 Subsection 184(4) (after paragraph (fb) of the definition of designated infringement notice provision)
- 26 Subsection 184(4) (after paragraph (fh) of the definition of designated infringement notice provision)
- 27 At the end of subsection 184(4) (at the end of the definition of designated infringement notice provision)
- 28 At the end of section 202
- 29 After paragraph 203(e)
- 30 Section 242
- Schedule 5 Tipping off offence and disclosure of AUSTRAC information to foreign countries or agencies
- Part 1 Main amendments
- Division 1 Tipping off offence
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- 1 Section 5
- 2 Section 123
- Division 2 Disclosure of AUSTRAC information to foreign countries or agencies
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- 3 Paragraph 126(2)(a)
- 4 Paragraph 127(2)(a)
- 5 Subsection 127(3)
- 6 Subsection 127(4)
- Part 2 Contingent amendments
- Intelligence Services Legislation Amendment Act 2024
- 7 Item 94 of Schedule 1
- Schedule 6 Services relating to virtual assets
- Part 1 Main amendments
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- 1 Section 4
- 2 Section 5 (paragraph (a) of the definition of betting instrument)
- 3 Section 5
- 4 Section 5 (definition of digital currency)
- 5 Section 5 (definition of Digital Currency Exchange Register)
- 6 Section 5 (definition of property)
- 7 Section 5 (definition of registered digital currency exchange provider)
- 8 Section 5
- 9 Section 5 (definition of registrable digital currency exchange service)
- 10 Section 5
- 11 Section 5 (paragraph (b) of the definition of registration)
- 12 Section 5 (definition of stored value card)
- 13 Section 5 (subparagraph (ca)(i) of the definition of threshold transaction)
- 14 Section 5 (paragraph (ca) of the definition of threshold transaction)
- 15 Section 5 (note 2 to the definition of threshold transaction)
- 16 Section 5
- 17 Before section 6
- 18 Subsection 6(2) (after table item 46)
- 19 Subsection 6(2) (table item 50A)
- 20 Subsection 6(2) (after table item 50A)
- 21 Subsection 6(4) (cell at table item 7, column headed "Provision of a designated service")
- 22 Subsection 6(4) (cell at table item 7, column headed "Customer of the designated service")
- 23 Subsection 6(4) (cell at table item 8, column headed "Provision of a designated service")
- 24 Section 19
- 25 Part 6A (heading)
- 26 Section 76
- 27 Section 76
- 28 Division 2 of Part 6A (heading)
- 29 Section 76A (heading)
- 30 Subsection 76A(1)
- 31 Subsection 76A(2)
- 32 Section 76B (heading)
- 33 Subsections 76B(1), (2) and (3)
- 34 Subsection 76B(4)
- 35 Section 76C (heading)
- 36 Section 76C
- 37 Subsection 76D(1)
- 38 Paragraph 76G(2)(a)
- 39 Paragraph 76G(2)(b)
- 40 Paragraph 76G(2)(b)
- 41 Paragraph 76G(2)(c)
- 42 Paragraph 76G(2)(d)
- 43 Paragraph 76H(1)(b)
- 44 Subsection 76J(2)
- 45 Paragraphs 76K(2)(d) and 76L(2)(d)
- 46 Section 76M (heading)
- 47 Subsection 76M(1)
- 48 Subsections 76M(1), (2) and (3)
- 49 Section 76R
- 50 Subsections 142(1) and (2)
- 51 Paragraph 142(3)(a)
- 52 Paragraph 184(1A)(e)
- 53 Paragraph 228A(2)(c)
- 54 Section 233B (table item 3A)
- Part 2 Contingent amendments
- Proceeds of Crime Act 2002
- 55 Section 338 (paragraph (ea) of the definition of account)
- 56 Section 338 (paragraph (h) of the definition of account)
- 57 Section 338 (definitions of digital currency and digital currency exchange)
- 58 Section 338 (paragraph (i) of the definition of financial institution)
- 59 Section 338
- Schedule 7 Definition of bearer negotiable instrument
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- 1 Section 17
- Schedule 8 Transfers of value and international value transfer services
- Part 1 Transfers of value
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- 1 Section 4
- 2 Section 4
- 3 Section 4
- 4 Section 5 (definition of batched electronic funds transfer instruction)
- 5 Section 5 (definition of beneficiary institution)
- 6 Section 5
- 7 Section 5
- 8 Section 5
- 9 Section 5 (definition of ordering institution)
- 10 Section 5
- 11 Section 5 (definition of registrable designated remittance service)
- 12 Section 5
- 13 Section 5
- 14 Section 5
- 15 Section 5
- 16 Section 5
- 17 Subsection 6(2) (table items 29 to 32)
- 18 Subsection 6(2) (table item 32A, column headed "Provision of a designated service", paragraph (a))
- 19 Subsection 6(2) (table item 32A, column headed "Provision of a designated service", paragraph (b))
- 20 Sections 8 to 10
- 21 Part 5 (heading)
- 22 Divisions 1 to 3 of Part 5
- 23 Section 67
- 24 Subsection 68(1)
- 25 Sections 69 to 72
- 26 Section 73
- 27 Subsection 74(1A) (heading)
- 28 Subsections 74(1A)
- 29 Subsection 74(1B) (heading)
- 30 Subsections 74(1B)
- 31 Division 4 of Part 10
- 32 Section 118
- 33 Subsection 184(4) (after paragraph (fb) of the definition of designated infringement notice provision)
- Part 2 International value transfer services
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- 34 Section 4
- 35 Section 5 (definition of international funds transfer instruction)
- 36 Section 5
- 37 Section 40
- 38 Division 4 of Part 3
- 39 Before section 49
- 40 Section 49
- 41 Section 51
- 42 Subparagraph 51G(3)(c)(ii)
- 43 Subsection 184(1C)
- 44 Subsection 184(4) (paragraph (d) of the definition of designated infringement notice provision)
- 45 Paragraph 191(2)(b)
- Schedule 9 Powers and definitions
- Part 1 Examination power
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- 1 Section 5
- 2 Before section 166
- 3 Section 166
- 4 Before section 167
- 5 At the end of Part 14
- Part 2 Information gathering power
- Division 1 Main amendments
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- 6 After section 49A
- 7 Section 50A (at the end of the heading)
- 8 Paragraph 50A(1)(b)
- 9 Paragraphs 50A(3)(a) and (b)
- 10 Section 51
- 11 Section 120
- 12 After subsection 123(2)
- 13 Subsection 123(10)
- 14 Paragraph 123(11)(a)
- 15 Subsection 167(1)
- 16 After subsection 167(3)
- 17 At the end of paragraph 169(2)(d)
- 18 Subsection 184(4) (after paragraph (f) of the definition of designated infringement notice provision)
- 19 At the end of subsection 184(4) (at the end of the definition of designated infringement notice provision)
- Division 2 Consequential amendments
- Freedom of Information Act 1982
- 20 Subparagraph 7(2G)(a)(iii)
- Part 3 Definitions
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- 21 Section 5 (definition of credit card)
- 22 Section 5 (definition of debit card)
- 23 Section 5 (definition of derivative)
- 24 Section 5 (definition of issue)
- 25 Section 5 (paragraphs (e) and (f) of the definition of loan)
- 26 Section 5 (definition of money)
- 26A Section 5 (after paragraph (b) of the definition of qualified accountant)
- 27 Section 5 (definition of security)
- 28 Section 5 (definition of service)
- 29 After section 7
- Part 4 Contingent amendment
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- 30 Subsection 123(8B)
- Schedule 10 Exemptions
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- 1 Section 5 (definition of account)
- 2 Section 5
- 3 Subsection 6(2) (table item 1, column headed "Provision of a designated service", paragraph (e))
- 4 Subsection 6(2) (table item 2, column headed "Provision of a designated service", paragraph (e))
- 5 Subsection 6(2) (table item 3, column headed "Provision of a designated service", paragraph (e))
- 6 Subsection 6(2) (table item 47, column headed "Provision of a designated service", paragraph (b))
- 7 At the end of Division 7 of Part 2
- 8 At the end of section 44 (after the note)
- 9 Section 106
- 10 Section 107
- 11 After Part 17A
- Schedule 11 Repeal of the Financial Transaction Reports Act 1988
- Part 1 Repeals
- Financial Transaction Reports Act 1988
- 1 The whole of the Act
- Part 2 Consequential amendments
- Division 1 Amendment of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- 2 Section 5 (paragraph (g) of the definition of AUSTRAC entrusted person)
- 3 Section 5 (note to the definition of AUSTRAC entrusted person)
- 4 Section 5 (paragraph (d) of the definition of AUSTRAC information)
- 5 Subsection 49(1)
- 6 Subparagraph 49(1)(i)(ii)
- 7 Subsection 50A(3)
- 8 At the end of Division 3 of Part 10
- 9 Paragraph 121(2)(a)
- 10 Subsection 123(10)
- 11 At the end of subparagraph 124(1)(a)(i)
- 12 Subparagraph 124(1)(a)(iv)
- 13 At the end of paragraph 124(1)(a)
- 14 Subparagraph 124(1)(b)(i)
- 15 Subparagraph 124(1)(b)(ii)
- 16 Subparagraph 124(1)(b)(iii)
- 17 Subparagraph 124(1)(b)(iv)
- 18 At the end of subparagraph 124(1)(b)(v)
- 19 Paragraph 124(2)(b)
- 20 Paragraph 126(3A)(c)
- 21 Section 134
- 22 Paragraph 175(3)(g)
- 23 Subsection 184(4) (before paragraph (g) of the definition of designated infringement notice provision)
- 24 Subsection 209(1)
- 25 Subsection 211(3)
- Division 2 Amendments of other Acts
- Australian Securities and Investments Commission Act 2001
- 26 Section 243D
- Commonwealth Electoral Act 1918
- 27 Subsection 90B(4) (table item 5)
- 28 Paragraph 90B(9)(b)
- 29 Subsection 91A(2C)
- 30 Subsection 91B(3)
- Criminal Code Act 1995
- 31 Paragraphs 400.9(2)(a) and (d) of the Criminal Code
- Freedom of Information Act 1982
- 32 Subparagraph 7(2G)(a)(i)
- Proceeds of Crime Act 2002
- 33 Subsection 29(3)
- 34 Section 338 (paragraphs (c), (d) and (e) of the definition of serious offence)
- Surveillance Devices Act 2004
- 35 Subsection 6(1) (paragraph (c) of the definition of relevant offence)
- Part 3 Transitional provisions
- 36 Reports of suspect transactions
- Schedule 12 Transitional rules
- 1 Transitional rules
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