International Law

AML amendments

By David Jacobson

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 has been amended by the Crimes Legislation Amendment (Serious and Organised Crime) Act 2010.

• Section 10 and the designated services at items 31 and 32 of Table 1 in subsection 6(2) of the AML/CTF Act have been amended to capture arrangements where a non-financier receives an instruction from a transferor entity for the transfer of money or property or arranges for money or property to be made available to an ultimate transferee entity.
• Amendments to the definition of stored value card and the designated services set out in items 21, 22, 23 and 24 of Table 1 in section 6(2) of the AML/CTF Act clarify that stored value cards include cards that do not store the monetary value on the card itself. The amendment to the definition distinguishes stored value cards from debit or credit cards.
• The amendment to subsection 123(3) (the “tipping  off” section) prohibits a reporting entity from disclosing information relating to a request for further information under subsection 49(1).
• The amendment to subsection 59(1) clarifies that a person who is required to provide a report about a movement of a bearer negotiable instrument (BNI) into or out of Australia, must do so ?immediately?.

Entities are required to comply with these amendments from 20 February 2010.

Full post as published by Australian Regulatory Compliance Review on March 08, 2010 (boomark / email).