Question

One of the key piece of legislation in Financial Services relates to:

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

a.What is the significance of this act to the Financial Services Industry?

b.Under the AML/CTF Act there are three types of transaction reports reporting entities must submit to AUSTRAC. List the three reports and their main feature.

c.Another statutory requirement under the AML/CTF Act 2006 is Customer Identification and Monitoring. What does this requirement involve?

d.Access the Institute of Certified Bookkeepers Code of Professional Conduct at the following website and outline 2 features of this code:

https://www.icb.org.au/Membership/Code-of-Conduct