International Law

Draft AML/CTF Rules to exempt certain reporting entities from threshold

Austrac has issued draft AML/CTF Rules to exempt certain reporting entities from threshold transaction reporting.

These draft AML/CTF Rules exempt ADIs and Exchange Settlement Account holders from providing threshold transaction reports, if those threshold transactions take place wholly between authorised deposit-taking institutions (ADIs) or Exchange Settlement Account holders, or between the Reserve Bank of Australia and Exchange Settlement Account holders, or cash logistic carriers who provide item 51 or item 53 designated services under table 1 in subsection 6(2)of the AML/CTF Act, where these designated services relate wholly to a transaction between one ADI and another ADI.

A public consultation period is open from 11 March 2009 to 25 March 2009.

Full post as published by Australian Regulatory Compliance Review on March 11, 2009 (boomark / email).