International Law

Draft AUSTRAC rule: electronic safe harbour

By djacobson

AUSTRAC has published a draft Rule which amends the electronic safe harbour procedures for medium or lower risk individual customers in r4.12.13, to be consistent with the new electronic safe harbour procedures for beneficial owners in r4.12.7(4).

New Rule 4.2.14 provides that a reporting entity which chooses electronic-based safe harbour verification instead of documentation-based verification for medium or lower risk individuals must verify the customer’s name and residential address using reliable and independent electronic data from at least two separate data sources and either (1) verify the customer’s date of birth using reliable and independent electronic data from at least one data source; or (2) verify that the customer has a transaction history for at least the past 3 years.

You can download the updated consolidated AML/CTF Rules (without the above draft Rule) here.

The post Draft AUSTRAC rule: electronic safe harbour appeared first on Bright Law | Legal and regulatory information and advice for Australian financial service providers.

     

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Full post as published by Australian Regulatory Compliance Review on June 04, 2014 (boomark / email).