AUSTRAC is Australia's government agency for anti-money laundering and counter-terrorism financing legislation and supervision. The Anti-Money Laundering Act was enacted in late 2006 and became a key component of Australia's financial reform. This legislation aligns with international AML standards set by FATF, covering the financial services sector, gaming industry, gold trading, and other related industries. Under this legislation, entities in these industries have the following obligations:

Conduct strict customer identity verification;

Maintain complete transaction records;

Establish internal procedures for anti-money laundering and counter-terrorism financing;

Monitor and report suspicious transactions or customers;

REMITTGLOBAL provides remittance services to which this law applies. Therefore, we are obligated to report all relevant transactions to the Australian government and report transactions that may involve money laundering or terrorism financing based on a risk-oriented approach.