August 17 2017
The Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (Amendment Act) received Royal assent on 10 August 2017. The Amendment Act makes a number of changes to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act). These are planned to come into effect from August 2017 to October 2018.
The AML/CFT Act aims to detect and deter money laundering and terrorism financing by requiring ‘reporting entities’ such as banks and other financial institutions to take measures such as developing a risk assessment and compliance programme, undertaking customer due diligence (CDD), monitoring accounts and submitting suspicious transaction reports to the Police.