International Law

AML/CTF: what constitutes a reporting entity

Austrac has issued Public Legal Interpretation No. 4 of 2008 ? What constitutes a reporting entity (pdf).

The purpose of the Public Legal Interpretation is to set out AUSTRAC?s views on the provisions of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 as they relate to:
? who is a provider of a ?designated service?; and therefore, who is a ?reporting entity?
? what is meant by ?carrying on a business? and acting ?in the capacity of? a provider of designated services
? the obligation to lodge a compliance report.

Full post as published by Australian Regulatory Compliance Review on July 06, 2008 (boomark / email).