New obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 take effect on 12 December 2008.

These obligations relate to reporting requirements and ongoing customer due diligence (OCDD) and will apply to providers of financial, bullion, gambling or money transfer services.

From 12 December 2008:

• reporting entities will need to report suspicious matters and, if applicable, threshold transactions and international funds transfer instructions to AUSTRAC
• reporting entities (unless they are exempt) will also need to conduct OCDD on all their customers.