•       A reporting entity is a financial institution, or other person, who provides designated services. (Designated services are listed in section 6.)

•       A reporting entity must carry out a procedure to verify a customer's identity before providing a designated service to the customer. However, in special cases, the procedure may be carried out after the provision of the designated service.

•       Certain pre-commencement customers are subject to modified identification procedures.

•       Certain low-risk services are subject to modified identification procedures.

•       Reporting entities must report the following to the Chief Executive Officer of AUSTRAC (the Australian Transaction Reports and Analysis Centre):

               (a)     suspicious matters;

              (b)     certain transactions above a threshold.

•       Certain international funds transfer instructions must be reported to the AUSTRAC CEO.

•       Cross-border movements of physical currency must be reported to the AUSTRAC CEO, a customs officer or a police officer if the total amount moved is above a threshold.

•       Cross-border movements of bearer negotiable instruments must be reported to the AUSTRAC CEO, a customs officer or a police officer if a customs officer or a police officer requires a person to make such a report.

•       Electronic funds transfer instructions must include certain information about the origin of the transferred money.

•       Providers of registrable designated remittance services or registrable remittance network services must be registered with the AUSTRAC CEO.

•       Reporting entities must have and comply with anti-money laundering and counter-terrorism financing programs.

•       Financial institutions are subject to restrictions in connection with entering into correspondent banking relationships.