International Law

Draft AUSTRAC guidance notes issued

By David Jacobson

AUSTRAC has issued the following three draft guidance notes for comment until 30 November 2010:

Identification requirements in threshold transaction reports from 1 October 2011

AUSTRAC has developed this guidance note to assist entities in understanding the identification requirements for both the customer and the individual conducting the threshold transaction from 1 October 2011.

Definition of ‘if known’ in relation to the individual conducting a threshold transaction (where the individual is not the customer of the designated service)

AUSTRAC has developed this guidance note to assist entities in understanding the application of the term ‘if known’ to details on the individual conducting the threshold transaction from 1 October 2011. A public consultation period is open from 16 November 2010 to 30 November 2010.

Customers using a bank other than their account provider when depositing physical currency

AUSTRAC has developed this guidance note to assist entities in understanding the application of the AML/CTF Act and Rules to threshold transactions where a person deposits money into its bank account through a branch of a bank that is not the account provider. A public consultation period is open from 16 November 2010 to 30 November 2010.

Full post as published by Australian Regulatory Compliance Review on November 18, 2010 (boomark / email).