As part of the effort to combat money laundering and the financing of
terrorism, Australia’s anti-money laundering (AML) and counter
terrorism financing (CTF) regime has been the subject of a series of
legislative enhancements resulting from recent amendments to the
foundational AML legislation, the Financial Transaction Reports Act
1988 (Cth) (FTR Act), and the introduction of the Anti-Money
Laundering and Counter-Terrorism Financing Act 2006 (Cth) that
presents new compliance challenges for the financial services industry
and poses questions about its impact on privacy and other rights of
consumers of financial and related services.