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International Law
: Australian Regulatory Compliance ReviewAustrac: when will it issue a "no action" letter?
Austrac has issue a draft amended guidance note 08/01 giving more details of when it will issue a no action letter rather than grant an exemption request for a breach or anticipated breach of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 .
In revised section 4 of the draft amended guidance note it discusses 3 scenarios and whether a no action letter or an exemption request would be more appropriate:
A reporting entity experienced an impractical outcome resulting from an interaction between the FTR Act and the AML/CTF Act.
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During an audit in July 2008, a reporting entity became aware of deficiencies in the customer identification process it had applied to customers of about 200 transactions (from a total of several thousand transactions).
A reporting entity was winding down its business in December 2007 when the AML/CTF program obligations came into effect.
Full post as published by Australian Regulatory Compliance Review on June 08, 2009 (boomark / email).
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