The Australian AML/CTF Act 2006 and the AUSTRAC regulator that enforces it — risk-based AML/CTF and the source of the well-publicised CBA, Westpac and Crown Resorts enforcement actions.
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) is Australia's principal AML statute. It is administered by AUSTRAC, the Australian Transaction Reports and Analysis Centre, which is both the AML/CTF regulator and the Australian Financial Intelligence Unit. The Act sets a risk-based AML/CTF programme requirement, customer due diligence rules, threshold transaction reporting (over AUD 10,000), suspicious-matter reporting (SMR) and international funds transfer instruction (IFTI) reporting.
AUSTRAC enforcement actions against the Commonwealth Bank of Australia (AUD 700 m, 2018) and Westpac (AUD 1.3 bn, 2020) — both for systemic AML/CTF programme failures — are reference points used internationally as case studies for AML programme weakness. The Act's "AML/CTF" name is a Commonwealth-jurisdiction terminology choice; the substance maps cleanly onto the FATF Recommendations.
Bucephalus AML scenario coverage tracks AUSTRAC typology bulletins and threshold-transaction reporting expectations; relevant for European groups with Australian operations or Australian-bank correspondent relationships.
