Updated Anti-Money Laundering Rules

The Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) have been updated.

The latest compilation of the AML/CTF Rules comprises 14 chapters.

They relate to a number of matters including:

• 'designated business group' definition
• correspondent banking
• customer identification
• AML/CTF programs
• gambling services
• AML/CTF compliance reports (reporting and lodgement periods)
• electronic funds transfer instructions (involving use of a credit card)
• 'approved third-party bill payment system' definition
• certain monetary thresholds relating to specified items in tables 1 and 3.

Links to draft rules still being consulted on can be found here.