•   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 monetary instruments must be reported to the AUSTRAC CEO, a customs officer or a police officer if the total amount moved is above a threshold.

•   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.

•   Providers of registrable digital currency exchange 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.