Implementation of reforms
The AML/CTF Act will be implemented in stages with the most complex and costly obligations to be implemented 24 months after Royal Assent which was given on 12 December 2006. This will allow business time to develop necessary systems in the most cost efficient way.
AML/CTF Act staged implementation timetable
|
Part of Act |
Part title |
Division titles |
Obligation commences |
|
Part 1 |
Introduction |
Designated services and definitions |
12 December 2006 |
|
Part 2, except for Division 6 |
Identification procedures etc. |
- Identification procedures for pre‑commencement customers |
12 December 2007 |
|
Part 2, Division 6 |
Identification procedures etc. |
Ongoing customer due diligence |
12 December 2008 |
|
Part 3, Division 1. 2,3, 4 and 6 |
Reporting obligations of reporting entities |
- Suspect Matters |
12 December 2008 |
|
Part 3, Division 5 |
Reporting obligations of reporting entities |
Anti‑Money Laundering and Counter‑Terrorism Financing (AML/CTF) Compliance reports |
12 June 2007 |
|
Part 4 |
Reports about cross-border movements of physical currency and Bearer Negotiable Instruments |
|
13 December 2006 |
|
Part 5 |
Electronic funds transfer instructions |
|
13 December 2006 |
|
Part 6 |
Register of providers of designated remittance services |
|
13 December 2006 |
|
Part 7 |
Anti-money laundering and counter-terrorism financing programs |
|
12 December 2007 |
|
Part 8 |
Correspondent banking |
|
12 June 2007 |
|
Part 9 |
Countermeasures |
|
13 December 2006 |
|
Part 10, Divisions 1, 2, 4 and 7 |
Record-keeping requirements |
Records of transactions, funds transactions and exemptions |
13 December 2006 |
|
Part 10, Division 3 |
Record-keeping requirements |
Records of identification procedures |
12 December 2007 |
|
Part 10, Division 5 |
Record-keeping requirements |
Records about AML/CTF programs |
12 December 2007 |
|
Part 10, Division 6 |
Record-keeping requirements |
Records about due diligence assessments of correspondent banking relationships |
12 June 2007 |
|
Part 11 |
Secrecy and access |
|
13 December 2006 |
|
Part 12 |
Offences |
|
13 December 2006 |
|
Part 13 |
Audit |
|
13 December 2006 |
|
Part 14 |
Information-gathering powers |
|
13 December 2006 |
|
Part 15 |
Enforcement |
|
13 December 2006 |
|
Part 16 |
Administration |
|
13 December 2006 |
|
Part 17 |
Vicarious liability |
|
13 December 2006 |
|
Part 18 |
Miscellaneous |
|
13 December 2006 |
|
Schedule 1 |
Alternative constitutional basis |
|
13 December 2006 |