AUSTRAC and The Anti-Money Laundering and Counter-Terrorism Financing Act 2006

The Australian Transaction Reports and Analysis Centre (AUSTRAC) is Australia's anti-money laundering regulator and specialist financial intelligence unit.
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) received Royal Assent on 12 December 2006, the AML/CTF Act became fully operational from 12 December 2008.

The AML/CTF Act covers the financial sector, gambling sector, bullion dealers and other professionals or businesses ('reporting entities') that provide particular 'designated services'.
The AML/CTF Act imposes a number of obligations on reporting entities when they provide designated services, which include:

• customer identification and verification of identity
• record keeping
• establishing and maintaining an AML/CTF program
• ongoing customer due diligence and reporting (suspicious matters, threshold transactions and international funds transfer instructions).

Expansion of designated services (second tranche of the AML/CTF Act):

Draft legislative provisions to amend the AML/CTF Act to implement the second tranche of reforms were publicly released in August 2007. These draft legislative provisions proposed amending section 6 of the AML/CTF Act to specify what new 'designated services' will trigger obligations under the AML/CTF Act.
The draft provisions indicated that the following business sectors would be covered by the second tranche legislation:
real estate agents in relation to buying and selling of real estate
dealers in precious metals and stones engaged in transactions above a designated threshold
lawyers, notaries, other independent legal professionals and accountants when preparing for or carrying out certain transactions
trust and company service providers when they prepare for or carry out for a client the transactions listed in the Glossary to the Financial Action Task Force recommendations.
The Government is currently considering the implementation process for the second tranche of reforms.

http://www.comlaw.gov.au/Details/C2014C00090
•      Reporting entities must report the following to the Chief Executive Officer of AUSTRAC (the Australian Transaction Reports and Analysis Centre):
               (a)     suspicious matters;
              (b)     certain transactions above a threshold.
•      Cross‑border movements of physical currency must be reported to the AUSTRAC CEO, a customs officer or a police officer if the total amount moved is above a threshold.

Designated services: http://www.austrac.gov.au/files/amlctf_act_sec6_designated_services.pdf