International Law

AML draft rules released for consultation

By David Jacobson

AUSTRAC has released 4 sets of draft rules for consultation until 28 September covering:

• situations where an individual who is conducting the threshold transaction is not the customer (contained at subparagraphs 19.3(14) to (16)). They apply to three different scenarios and require different details to be reported in each circumstance:
  (1) where the person is conducting the transaction is an individual;
  (2) where the person is conducting the transaction as an individual and that individual is an employee acting on behalf of the customer, and,
  (3) where the person conducting the transaction is an individual who is acting on behalf of a non-individual entity which is not the customer.
• adding ‘officers’ and ‘authorised representatives’ of Australian credit licence holders as appropriate persons who can certify true copies of documents under the AML/CTF Rules.
• reporting requirements for international funds transfer instructions when money is transferred to a bank account and the customer will have the account details but may not know the full name or address of the bank. In these circumstances, the amendments allow the reporting of an ‘identifier’ when that identifier can be linked to a name and location.
• pre-commencement customers of a designated business group.

Full post as published by Australian Regulatory Compliance Review on September 14, 2010 (boomark / email).