The Australian Anti-Money Laundering / Anti-Terrorism Financial Act 2006 strengthens Australia's anti-money laundering / anti-terrorism financial management and is aligned with international FATF regulations. The bill covers the financial industry, gaming industry, gold trading and other professional fields and businesses. The bill was refined from 2006 to 2008, allowing the industry to set sufficient time to comply with its own reporting system, all provisions of the Act in 2008 from the formal implementation. Boxing Overseas provides professional currency conversion and international transfers, and we are obligated to report all relevant transactions to Australian regulators in accordance with laws and regulations, in particular transactions that we believe may involve money laundering / terrorist financial activities. In accordance with the Australian Government's anti-money laundering centre reporting requirements, three business need to be declared, they are: large cash transactions, international remittance transaction and suspected remittance transactions, our declaration system specific requirements are as follows:
ANTI-MONEY LAUNDERING POLICY
This law stipulates that the declaring enterprise has the following obligations:
- Authenticate and identify customers.
- A record of the transaction.
- Develop and maintain anti-money laundering/terrorist financing activities.
- Monitor and report suspicious clients.
- Cash transactions at any over-the-counter or cash bureau that meet or exceed the equivalent of A$10,000.00 will be declared.
- All foreign currency international remittances processed through banks, whether imported or remitted abroad, must be declared by our company.
- Remittances in foreign currency in Australia do not need to be declared.
- Funds remitted into or out of China do not need to be declared (subject to confirmation).
- If an agent company is dealing with us in the name of the company, the procedure is the same as above.
- Daily transactions are declared daily.
- Customer information includes. Name, date of birth, gender, driver's license or passport number, office or residential address, beneficiary and beneficiary bank address (or phone), signature.
- For corporate customers, please get more information.
