AML Questions & Answers

What is its purpose?

It is to update and eventually supersede the Financial Transaction Reports Act 1988 that gave rise to what is currently the 100 Points ID check, suspicious and other transaction reporting. The ultimate purpose is to upgrade Australia's money laundering defenses to prevent the proceeds of crime and other illegal activity entering or being passed through the financial system. The new law assists the Australian Government meet its commitment to international obligations in this area. The new obligation covers 54 types of financial activity and broadens the applicability of the defenses to more industries beyond just the financial system.