The goal of most criminal activities is profitability. To enjoy the benefits of such non-legitimate profit, criminals usually try to conceal the sources of such non-legitimate profit. Money laundering is the process through which the illegal sources of the profit gained through criminal activities are concealed. Terrorist groups, too, move their funds in order to hide their sources, aims, and intentions. Financing of terrorism includes financing terrorist activities, terrorists, and terrorist organizations.
Money laundering and financing of terrorism are considered very serious crimes.
According to the Anti Money Laundering and Counter-Terrorism Financing (AML/CTF) Act passed in 2006, those who provide specialized financial and betting services, or people working in gold and silver trading, must do the following:
The Australian government has set the new AMF/CTF rules for the following reasons:
These new rules are likely to affect the following:
As a customer, you will be affected in certain circumstances, including:
As a customer, the business with which you are making a deal might ask you to verify your identity. The types of documents you need to verify your identity differ depending on the transaction or the service. For example, if it is realized that the transaction in question has a low risk of money laundering or terrorism financing, providing a driver’s license will suffice. However, for more risky transactions, additional identification documents might be needed.
The identification documents you are likely to be required to provide are:
Businesses which are subject to the new rules are also required to implement the AML/CTF program, consisting of ongoing monitoring of customer activities and reporting suspicious cases.
Reporting entities and Australian government agencies which are responsible for collecting personal information are under the Privacy Act of 1988.
For more information on how to protect your privacy, please call the office of Privacy Commissioner at 1300363992 or visit the following website:
All the information is provided in the link below: