We are committed to complying with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
The AML/CTF Act aims to regulate financial transactions in order to detect and prevent money laundering and terrorism financing.
‘Money laundering’ is the way criminals use financial systems to try to hide or disguise the proceeds of crimes and enables criminals to use the money for future criminal activity or in legitimate business.
Anti-money laundering laws are designed to prevent this behaviour by establishing an ‘audit trail’, or transaction history, which provides evidence linking criminal acts and their organisers. These audit trails can produce vital leads in the detection and investigation of criminal activities.
These laws require us to:
Identify our customers before providing a service such as opening an account, depositing or withdrawing money or approving a loan;
- Report suspicious transactions; and
- Report certain transactions above a threshold.
- AUSTRAC is the regulator of the AML/CTF Act.
Find out more about anti-money laundering on AUSTRAC's website.