New law changes are bringing in “Phase 2” of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act.
The changes extend the AML/CFT Act to cover more businesses including real estate agents and conveyancers; many lawyers and accountants; some businesses that deal in expensive goods; and betting on sports and racing.
Some of the changes also affect Phase 1 businesses that have had to comply with the Act since 2013 (that is, banks, casinos, a range of financial service providers and some trust and company service providers). For example, see:
If you’re in one of the Phase 2 sectors and you provide services that are at risk of being exploited by criminals, you’ll have to put AML/CFT measures in place.
Phase 1 businesses also need to be aware of changes to the law.
Find out if your business is affected by the changes and what you’ll need to do.
Support will be available to help businesses understand and do what’s required.
If you have AML/CFT responsibilities, you don’t necessarily need to do them all by yourself. You may be able to share some of the costs with related businesses (for example, if you’re a subsidiary or part of a franchise).
If businesses notice things that are potential signs of money laundering or financing of terrorism, they need to report that information to Police. The “Phase 2” changes have widened the obligation to report suspicious transactions to include reporting suspicious activities. These reporting changes affect all businesses that currently – or will – have to comply with the AML/CFT laws.
In some circumstances, businesses that normally have to comply with the AML/CFT Act may not need to – but you need to ask for an exemption.
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