Australian Financial Services (AFS) licensees are considered to be reporting entities under item 54 of table 1 of the Anti-money Laundering and Counter Terrorism Financing (AML/CTF) Act where: 
 
'in the capacity of holder of an Australian financial services licence, making arrangements for a person to receive a designated service (other than a service covered by this item)' 
 
Deadline: 12 December 2007 
From 12 December 2007, AFS licensees have an obligation to implement a simplified Part B AML/CTF program, setting out customer identification procedures. Customer identification procedures vary depending on the risk assessments of customers and services. The details of what must be included in a Part B program are set out in Chapter 4 of the AML/CTF Rules 
 
Australian Transaction Reports and Analysis Centre 
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has clarified that a designated service has only been provided where the advice of an AFS licensee is implemented. 
 
AUSTRAC is Australia's AML regulator and specialist financial intelligence unit. Its role as a regulator will be increasingly important under the new AML regime.  
 
Relevant links:

• AUSTRAC: Self assessment questionnaire
• The Institute: AML overview