AML/CTF Knowledge Base
A complete glossary of AML/CTF terms used in Australia. Clear, simple definitions for accountants, lawyers, conveyancers, real estate agents, jewellers, and high‑value dealers.
Australia’s financial intelligence agency responsible for AML/CTF regulation and enforcement.
A written document outlining how a business prevents, detects, and reports ML/TF risks.
The Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 — Australia’s primary AML law.
Ongoing review of customer activity to detect unusual or suspicious behaviour.
A person who ultimately owns or controls a customer, even if not listed as the legal owner.
Standard identity verification required for most customers.
The process of verifying a customer’s identity and assessing ML/TF risk.
Ownership arrangements designed to obscure beneficial ownership.
A business that handles large amounts of cash, increasing ML/TF risk.
A service that triggers AML/CTF obligations under the Act.
Designated Non‑Financial Businesses and Professions — includes lawyers, accountants, real estate agents, etc.
Additional checks required for high‑risk customers or transactions.
Using digital sources to verify identity.
The Financial Action Task Force — global AML/CTF standard‑setting body.
When a customer provides fraudulent or misleading identity information.
ML/TF risk associated with a customer’s country or region.
A customer requiring ECDD due to elevated ML/TF risk factors.
A business that trades in high‑value goods such as bullion, jewellery, art, or vehicles.
The process of confirming a customer’s identity using reliable documents or data.
A periodic external review of your AML/CTF Program.
Risk associated with countries known for corruption, secrecy, or weak AML controls.
The process of identifying and verifying customers before providing services.
A stage of money laundering involving complex transactions to obscure origins.
The risk of money laundering or terrorism financing.
The process of disguising the origins of illegally obtained money.
Adverse news about a customer that may indicate ML/TF risk.
Continuous review of customer activity to detect suspicious behaviour.
A person in a prominent public position requiring ECDD.
The first stage of money laundering — introducing illicit funds into the system.
A structured evaluation of ML/TF risks across customers, services, and channels.
Indicators of potential ML/TF activity.
A mandatory report to AUSTRAC when suspicious activity is detected.
Restrictions imposed on individuals, entities, or countries.
Breaking transactions into smaller amounts to avoid reporting thresholds.
Providing funds to support terrorist activities.
The expansion of AML/CTF laws to DNFBPs including lawyers, accountants, and real estate agents.
Behaviour inconsistent with a customer’s profile or expected transactions.
Confirming the authenticity of identity documents or data.
Assessing whether a customer’s wealth aligns with their profile.
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