Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (110 of 2024)
Schedule 1 AML/CTF programs and business groups
Anti-Money Laundering and Counter-Terrorism Financing Act 2006
38 Subsection 161(1)
Repeal the subsection, substitute:
(1) 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.
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