Impact on small business privacy obligations of anti-money laundering laws

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) amends the Privacy Act 1988 (the Privacy Act) so small businesses that will be 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 Privacy Commissioner has issued a FAQ brochure (PDF) for affected small businesses and has suggested they consider applying the NPP obligations to all their business activities.