- Date
-
17 Oct 2019
- Chamber
-
House of Representatives
- Status
-
Act
-
Portfolio
-
Home Affairs
- Summary
-
Amends the:
Anti-Money Laundering and Counter-Terrorism Financing Act 2006
to: expand the circumstances in which reporting entities may rely on customer identification and verification procedures undertaken by a third party; explicitly prohibit reporting entities from providing a designated service if customer identification procedures cannot be performed; prohibit financial institutions from entering into a correspondent banking relationship that permits its accounts to be used by a shell bank; require banks to conduct due diligence assessments before entering, and during, all correspondent banking relationships; and expand exceptions to the prohibition on tipping off to permit reporting entities to share suspicious matter reports and related information with external auditors and foreign members of corporate and designated business groups; Anti-Money Laundering and Counter-Terrorism Financing Act 2006
and Inspector-General of Intelligence and Security Act 1986
to replace existing 'designated agency' information sharing provisions (relating to the use and disclosure of AUSTRAC information) with a more general information sharing power; Anti-Money Laundering and Counter-Terrorism Financing Act 2006
, Proceeds of Crime Act 2002
and Surveillance Devices Act 2004
to create a single reporting requirement for the cross-border movement of monetary instruments; Criminal Code Act 1995
to: clarify that the existence of one Commonwealth constitutional connector is sufficient to establish an instrument of crime offence; deem money or property provided by undercover law enforcement as part of a controlled operation to be the proceeds of crime for the purposes of prosecution; and provide for transitional arrangements; and Australian Federal Police Act 1979
to create a new offence of dishonestly representing conferral of police awards.