Date posted: 10/12/2019 2 min read

Submission on Anti-Money Laundering and Counter-Terrorism Financing and Other Legislation Amendment Bill 2019 [Provisions]

Anti-Money Laundering and Counter-Terrorism Financing and Other Legislation Amendment Bill 2019 released by Senate Select Committee.

The Senate Select Committee called for submissions on the Anti-Money Laundering and Counter-Terrorism Financing and Other Legislation Amendment Bill 2019.

Key points from our submission include:

  • Our support of the additional exception that allows reporting entities to provide Suspicious Matter Reports and related information to auditors for the purposes of an audit or review of the reporting entity's AML/CFT program.
  • Our support of the expansion of circumstances when reporting entities may rely on customer identification and verification procedures undertaken by a third party.

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