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

40   Subsection 161(4)

Repeal the subsection, substitute:

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

(a) 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;

(b) 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.