Austrac has issued a note restating its views on obligations by providers of an item 54 designated service (Section 6 of the AML/CTF Act) following the expression of uncertainties.

Austrac rejects the view that Part B of an AML/CTF program only involves identifying and verifying the identity of a customer, without regard to the money laundering or terrorism financing (ML/TF) risk of the customer or the services provided.