17 Aug 2017
House of Representatives
Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to: expand the objects of the Act to reflect the domestic objectives of anti-money laundering and counter-terrorism financing regulation; expand the scope of the Act to include regulation of digital currency exchange providers; clarify due diligence obligations relating to correspondent banking relationships and broaden the scope of these relationships; qualify the term ‘in the course of carrying on a business’; allow related bodies corporate to share information; expand the range of regulatory offences for which the AUSTRAC Chief Executive Officer (CEO) is able to issue infringement notices; allow the CEO to issue a remedial direction to a reporting entity to retrospectively comply with an obligation that has been breached; give police and customs officers broader powers to search and seize physical currency and bearer negotiable instruments and establish civil penalties for failing to comply with questioning and search powers; revise certain definitions; and clarify certain powers and obligations of the CEO; and
Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and
Financial Transaction Reports Act 1988 to de-regulate the cash-in-transit sector, insurance intermediaries and general insurance providers.