Anti-Money Laundering and Counter-Terrorism Financing Act 2006
Short title: AML/CTF Act
In plain English
This Act helps prevent money laundering and terrorism financing in Australia.
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 establishes a framework to prevent money laundering and terrorism financing. It applies to designated entities, including financial institutions and some businesses. These entities must comply with customer due diligence and reporting obligations. The Act came into force in 2006.
Why it matters
If your business is a designated entity, you must comply with this Act. Failure to do so can impact your business operations and reputation. Understanding your obligations is vital for good governance.
AI-assisted summary, grounded in the source link below. Generated 2026-05-23 via gemma3:12b.
Summary
Federal AML/CTF regulation. Tranche 1 covered banking, securities, gambling, remittance, digital currency. From 1 July 2026, Tranche 2 captures real estate agents, accountants, lawyers, conveyancers, TCSPs + precious metals dealers when providing 'designated services'. Civil penalties up to $33M per contravention.
Topics
Administered by
Source: https://www.legislation.gov.au/C2006A00169/latest. Rules Mate summarises and links; we don't republish full statutory text. Always verify against the live source before acting.