Community CPS is committed to complying with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, which is being implemented in stages, the next of which commences on 12 December 2008.
The purpose of the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (AML/CTF Act) is to regulate financial transactions in order to detect and prevent money laundering and terrorism financing.
‘Money laundering’ is the way criminals use financial systems to try to hide or disguise the proceeds of crimes and enables criminals to use the money for future criminal activity or in legitimate business.
Anti-money laundering laws are designed to prevent this behaviour by establishing an ‘audit trail’, or transaction history, which provides evidence linking criminal acts and their organisers. These audit trails can produce vital leads in the detection and investigation of criminal activities.
What does this mean for Community CPS?
The new laws require us to:
- Identify our members before providing a service such as opening an account, depositing or withdrawing money or approving a loan;
- Report suspicious transactions; and
- Report certain transactions above a threshold.
For further information about Anti money laundering, please access the links below:
LINKS TO WEBSITES
LINKS TO PDF FACT SHEETS
Anti-money Laundering Brochure produced by the Attorney General's Department - PDF 95 KB
What are the new anti-money laundering and counter-terrorism financing reforms? - PDF 67KB
Why are anti-money laundering and counter-terrorism financing reforms required? - PDF 90KB
Changes for customers under the new AML/CTF reforms - PDF 65KB
Changes for business under the new AML/CTF reforms - PDF 65KB
