4Simplified outline

#### 4 Simplified outline The following is a simplified outline of this Act: • A reporting entity is a person who provides designated services. (Designated services are listed in section 6.). Lead entities of certain business groups (known as reporting groups) are also reporting entities. • A reporting entity must have and comply with an AML/CTF program. • A reporting entity must undertake initial customer due diligence before providing a designated service to the customer. However, in special cases, initial customer due diligence may be carried out after the provision of the designated service. • Certain pre‑commencement customers are subject to modified customer due diligence. • Simplified customer due diligence may be undertaken in certain low risk circumstances as part of initial and ongoing customer due diligence. • 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 information about international value transfer services 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. • Transfers of value must include certain information about the origin of the transferred value. • Providers of registrable remittance services or registrable remittance network services must be registered with the AUSTRAC CEO. • Providers of registrable virtual asset services must be registered with the AUSTRAC CEO. • Financial institutions are subject to restrictions in connection with entering into correspondent banking relationships.