Stage 2 Anti-Money Laundering Act commences

Stage 2 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 commenced on 12 June 2007.

The Act  provides that it will commence in stages: Stage 2 which commences on 12 June 2007 relates to AML/CTF compliance reports (Part 3, Division 5), correspondent banking (Part 8) and records about  correspondent banking (Part 10, Division 6) of the AML/CTF Act.

Chapters 1 to 3 of the AML/CTF Rules give details of the obligations required for compliance.

Reminder: I will conduct a 2007 update of my AML webseminar tomorrow. More information