Compliance

Do I need an AML licence in Australia?

BY   |  FRIDAY, 2 FEB 2024    8:32AM

Do I need an AML licence in Australia? It is a commonly asked question.

However, you might be surprised to learn that there is in fact no such thing as an Australian AML licence.

But, if you provide one or more 'designated services' in a way that has a geographical link to Australia, you will be a "reporting entity".

A reporting entity is required to enrol with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and there are additional registration requirements for reporting entities that provide remittance-related services or digital currency exchange services.

Australia's Anti-Money Laundering & Counter Terrorism Financing (AML/CTF) regime

Australia's AML/CTF regime is designed to address the threats that money laundering and counter terrorism financing (ML/TF) pose to Australia's national security and the integrity of key sectors of the economy, and to bring Australia into compliance with international AML/CTF standards developed by the Financial Action Taskforce (FATF).

The Australian AML/CTF regime is comprised of the Anti-Money Laundering and Counter-Terrorism Act 2006 (Cth) (AML/CTF Act) and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) (AML/CTF Rules).