Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Here is the summary in 150-200 words:

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the Act) aims to prevent the financing of terrorism and money laundering in Australia. The Act imposes obligations on certain entities, including financial institutions, to implement anti-money laundering and counter-terrorism financing programs. These programs require reporting entities to identify their customers, conduct customer due diligence, and report suspicious matters. The Act also requires the registration of reporting entities, such as registered remittance affiliates and digital currency exchanges.

The Act provides for the powers of AUSTRAC (the Australian Financial Intelligence Taskforce), including its ability to investigate and prosecute money laundering and terrorism financing offenses. The Act also imposes penalties for non-compliance with the reporting requirements and other provisions.

The Act has been amended several times since its enactment in 2006, with recent amendments introduced in 2023. The most recent compilation of the Act, dated October 31, 2023, includes amendments up to Act No. 76, 2023.