The new Anti-Money Laundering and Counter Terrorism Financing Law commences on 13 December, 2007.
The goal of most criminal acts is to generate a profit. Money laundering is the process of disguising the proceeds of criminal activities. Terror financing is the financing of terrorists, terror groups and terrorist acts. These groups also use the financial system to move funds and disguise their activities. Both money laundering and terror financing are serious crimes.
Anti-Money Laundering and Counter Terrorism Financing laws are designed to detect and deter money laundering and terror financing and to make the Australian financial system hostile to these activities. These new laws replace the present Financial Transaction Reporting Act which required Family First Credit Union to verify members at the opening of an account and report significant cash transactions. This verification will continue and you may be asked to re-verify yourself should you take up additional services.
By verifying your identity you are helping to protect Australian businesses from being misused for the purpose of criminal activity.
Should you require additional information, please contact the Attorney General’s Department customer service line on 1800 021 037 or click here to visit their website.
If you have any questions, please contact us enquire now