Client Update: Anti-money Laundering – 21 May 2007
In brief: AUSTRAC
has deferred the compliance reporting requirements in the
Anti-Money Laundering and Counter-Terrorism Financing Act 2006. Partners
Peter Jones
Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (the Act), all businesses regulated by the Act are required to report on their compliance with the Act and the Rules and regulations under it.
On 15 May 2007, the Australian Transaction Reports and Analysis Centre (AUSTRAC) released draft AML/CTF Rules for consultation, which indicate that the first compliance reporting period under the Act will cover the period from 13 December 2006 to 31 December 2007 and, significantly, that the deadline for lodging compliance reports will be 31 March 2008.
This is a welcome development, as AUSTRAC had originally advised that the compliance reporting period would cover 13 December 2006 to mid-June 2007 and that it would expect reports to be lodged by mid-September 2007.
It is proposed that the compliance reports will now cover the obligations that come into force on 12 December 2007, including the customer identification and AML/CTF program requirements.
What exactly is to be included in a compliance report is still unclear, but AUSTRAC has indicated that it will provide information on this in June this year. AUSTRAC has also said that key stakeholders will be able to provide feedback on this through a series of inaugural industry consultative forums planned for June 2007.
The draft AML/CTF Rules on the reporting and lodgement periods have been released for comment and can be found on AUSTRAC's website. Submissions close on 29 May.
If you would like assistance in developing a submission, or would like help with any other AML issue, please contact those listed below.
For further information, please contact:
- Peter JonesPartner,
Sydney
Ph: +61 2 9230 4987
Peter.Jones@aar.com.au - Anna LenahanPartner,
Sydney
Ph: +61 2 9230 4132
Anna.Lenahan@aar.com.au - Judy MaguireSenior Associate,
Sydney
Ph: +61 2 9230 4835
Judy.Maguire@aar.com.au - Catherine ParrPartner,
Sydney
Ph: +61 2 9230 4994
Catherine.Parr@aar.com.au - Craig PhillipsPartner,
Melbourne
Ph: +61 3 9613 8938
Craig.Phillips@aar.com.au - John BeckinsalePartner,
Brisbane
Ph: +61 7 3334 3520
John.Beckinsale@aar.com.au - Kim ReidPartner,
Perth
Ph: +61 8 9488 3727
Kim.Reid@aar.com.au
|
||||||||||||||||||||||||||||||
