Client Update: Anti-money Laundering – 20 Jul 2007
Recent AML/CTF developments
In brief: The correspondent banking provisions in the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) came into force on 12 June 2007.
In May, AUSTRAC published a Self Assessment Questionnaire designed to assist reporting entities to track their progress in complying with the Act and also a set of five Regulatory Policies outlining its approach to AML/CTF compliance.
Rules relating to compliance reports were made by AUSTRAC on 22 June 2007.
AUSTRAC issued a number of Draft Rules and Guidance Notes for consultation. These include:
- Draft Rules on:
- Electronic Fund Transfer Instructions;
- Approved 3rd Party Bill Systems;
- Ongoing Customer Due Diligence; and
- Threshold Transactions.
- Draft Guidance Notes on:
- Exemptions and Modifications under the Act;
- Designated Business Groups;
- Risk Management and AML/CTF Programs; and
- Opening Accounts.
For further information, please contact:
- Anna LenahanPartner,
Sydney
Ph: +61 2 9230 4132
Anna.Lenahan@aar.com.au
