AML Glossary for Australia and New Zealand

Anti-money laundering and countering financing of terrorism. This is the standard New Zealand term.

Anti-money laundering and counter-terrorism financing. This is the standard Australian term.

The Australian Transaction Reports and Analysis Centre. It is Australia’s AML/CTF regulator and financial intelligence unit.

A real person who ultimately owns or controls a customer. The detailed legal tests differ between countries.

Customer due diligence. These are the checks used to know the customer, beneficial owners and people acting for them, and to understand risk.

The person appointed to administer and oversee the AML framework. The exact role and notification rules differ by country.

A service listed in section 6 of the Australian AML/CTF Act. Providing one with the required geographical link can make a business a reporting entity.

The Department of Internal Affairs. It is the AML/CFT supervisor for New Zealand reporting entities.

Extra customer checks used when the law or the level of risk requires more information, verification, approval or source-of-funds work.

Financial intelligence unit. AUSTRAC performs this role in Australia. The New Zealand Police FIU performs it in New Zealand.

The connection a designated service must have with Australia before the Australian AML/CTF rules apply.

The online system used to submit prescribed reports to the New Zealand Police FIU.

The people with ultimate responsibility for governing a reporting entity, such as a board. The exact meaning depends on the entity.

An independent test of whether a New Zealand risk assessment and AML/CFT programme meet the law and work in practice.

An independent evaluation of an Australian AML/CTF program, including the risk assessment, policy design and how controls work in practice.

The customer checks completed at the start of a relationship or before a covered service or activity, subject to the rules and any lawful exception.

The risk that a business, service or system could be used for money laundering, terrorism financing or, where the rules include it, proliferation financing.

Keeping customer information and risk understanding current and looking at activity over the life of the relationship.

The New Zealand test for whether an activity forms part of how the business normally operates. Several facts may be relevant.

Politically exposed person. A person who holds or has held an important public position, with country-specific rules for family and close associates.

A person who is authorised to act for a customer. The business needs to understand and verify that authority as required.

A New Zealand report for certain international wire transfers and large cash transactions when the legal conditions are met.

Financing connected with the spread or use of weapons of mass destruction. The exact obligations and terminology depend on the country rules.

A person or business that must follow the AML law for the covered service or activity it provides.

A group of reporting entities that can meet certain Australian AML/CTF obligations together when the legal requirements are met.

The written assessment of the ML/TF risks a business can reasonably expect to face and the factors that shape those risks.

Suspicious activity report. A New Zealand report sent to the Police FIU through goAML when the legal suspicion test is met.

A person with enough authority and responsibility to make or oversee important decisions. The legal role depends on the country and entity.

Suspicious matter report. An Australian report sent to AUSTRAC when the legal suspicion test is met.

Where the money or assets used in a particular transaction or relationship came from.

How a person built their overall wealth, such as through business income, employment, investments or inheritance.

Improperly disclosing protected information about a suspicious matter or report. The current Australian rules control when disclosure is permitted.

The common name for professional and property sectors brought into Australia’s expanded AML/CTF regime from 1 July 2026.

Improperly disclosing protected information about a suspicious activity report or related suspicion.