Document ID: chunk:federal_register_of_legislation:C2025C00044:section:4
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 4
Character Range: 32064–33914

4  Simplified outline
  The following is a simplified outline of this Act:

         • A reporting entity is a financial institution, or other person, who provides designated services. (Designated services are listed in section 6.)
         • A reporting entity must carry out a procedure to verify a customer's identity before providing a designated service to the customer. However, in special cases, the procedure may be carried out after the provision of the designated service.
         • Certain pre‑commencement customers are subject to modified identification procedures.
         • Certain low‑risk services are subject to modified identification procedures.
         • Reporting entities must report the following to the Chief Executive Officer of AUSTRAC (the Australian Transaction Reports and Analysis Centre):

                (a) suspicious matters;
                (b) certain transactions above a threshold.

         • Certain international funds transfer instructions must be reported to the AUSTRAC CEO.
         • Cross‑border movements of monetary instruments must be reported to the AUSTRAC CEO, a customs officer or a police officer if the total amount moved is above a threshold.
         • Electronic funds transfer instructions must include certain information about the origin of the transferred money.
         • Providers of registrable designated remittance services or registrable remittance network services must be registered with the AUSTRAC CEO.
         • Providers of registrable digital currency exchange services must be registered with the AUSTRAC CEO.
         • Reporting entities must have and comply with anti‑money laundering and counter‑terrorism financing programs.
         • Financial institutions are subject to restrictions in connection with entering into correspondent banking relationships.