*       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 designated remittance 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.