International Law

Austrac AML/CTF update

By David Jacobson

AUSTRAC has released Information Circular No. 71 entitled Observations on compliance by reporting entities that provide only item 54 designated services.

Draft Amendments to Chapter 19 AML/CTF Rules
These draft amendments incorporate the changes to the reporting of signatories which were previously published for public consultation in January 2010. They also incorporate changes to the reportable details relating to a person conducting a transaction who is not the customer.

The commencement start in regard to the reportable details on a person conducting a transaction who is not the customer, is proposed to change from 1 January 2011 to 1 October 2011.

Draft AML/CTF Rules on ‘certain companies’
Chapter 4.3 sets out the ‘Applicable customer identification procedure with respect to companies’. Rule 4.3.2(2) states, ‘in respect of certain companies, the name and address of any beneficial owner of the company has been provided’. The insertion of a definition for ‘certain companies’ provides clarification of this term as used in Chapter 4 of the AML/CTF Rules.

Full post as published by Australian Regulatory Compliance Review on June 20, 2010 (boomark / email).