Privacy and Anti-Money Laundering and Counter-Terrorism Financing

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The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) prescribes that entities that perform designated services are reporting entities for AML/CTF purposes and have reporting responsibilities to AUSTRAC.

The AML/CTF reform package amend the Privacy Act 1988 (the Privacy Act) so small businesses that are reporting entities for the purposes of AML/CTF, will also be subject to the Privacy Act in regard to their obligations under the AML/CTF Act. This includes small businesses that may be exempt from obligations under the Privacy Act in terms of other business activities they undertake.

The Office has produced some guidance material in the form of a bookmark and an FAQ flier, which are designed to help businesses understand their privacy obligations in relation to AML/CTF. They are available in hard copy by contacting the Office, or they can be downloaded here:

• Bookmark - PDF
• FAQ flier - PDF

The following web pages also provide information about the privacy obligations that are relevant for businesses and individuals as a result of AML/CTF:

• For individuals: Your Privacy and Organisations
• For small businesses: Small Business
• Business FAQs
• Guidelines to the National Privacy Principles
• Information Sheet 1 - Overview of the Private Sector Provisions
• Information Sheet 12 - Coverage of and Exemptions from the Private Sector Provisions
• Information Sheet 18 - Taking reasonable steps to make individuals aware that personal information about them is being collected.

Further information:

• For information about privacy, individuals or organisations can contact the Office of the Privacy Commissioner through our enquiries line on 1300 363 992.
• For information about AML/CTF reporting obligations, visit the AUSTRAC website at www.austrac.gov.au or contact the AUSTRAC Help Desk on 1300 021 037.
• For general information about the Australian Government AML/CTF reforms, visit the Attorney-General’s Department website at http://www.ag.gov.au/aml, contact their Customer Information Line on 1800 021 037 or email customers@austrac.gov.au.
  

Submissions made by the Office of the Privacy Commissioner in relation to AML/CTF legislation

In March 2007 the Office made a submission to AUSTRAC on the Draft Consolidated AML/CTF Rules: HTML, PDF, Word

In November 2006 the Office made a submission to the Senate Legal and Constitutional Affairs Committee Inquiry into the AML/CTF Bills: HTML, PDF, Word. Following the Office's appearance at the Committee a supplementary submission was made: PDF, Word

In August 2006 the Office made a submission to the Attorney-General's Department on the second exposure draft of the AML/CTF Bill: HTML, PDF, Word

In April 2006 the Office made a submission to the Attorney-General's Department on the first exposure draft of the AML/CTF Bill: HTML, PDF, Word

In March 2006 the Office made a submission to the Senate Legal and Constitutional Affairs Committee Inquiry into the first exposure draft of the AML/CTF Bill: PDF, Word.