ANTI-MONEY LAUNDERING POLICY
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. Global Trade 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:
The Act provides that the reporting enterprise has the following obligations:
- Authentication and identification of customer identities.
- Transactions are recorded.
- Development and maintenance of anti-money laundering / terrorist financing activities.
- Monitoring and reporting of suspicious customers.
- Cash transaction at any counter or cash exchange will be declared at or above the equivalent AUD 10000.00.
- All international remittances in foreign currency processed through banks, whether imported or remitted abroad, must be declared by our company.
- Foreign currency remittance in Australia is not required to be declared.
- Remittance of funds in or out of China do not need to be declared (to be confirmed).
- In the case of an agency that transacts with us in the name of the company, the procedure is the same as above.
- Daily transactions are reported every day.
- The information of customers includes:
- Date of birth
- Driver's license or passport number
- Office or residential address
- Beneficiary and Beneficiary bank address (or phone)
- For company customers, please obtain more information.