AML Rules update

Austrac makes AML/CTF Rules dealing with operational implementation of the AML/CTF Act.

The current rules are:

• Anti-Money Laundering and Counter-Terrorism Financing Rules 2006
  This Instrument contains AML/CTF Rules relating to the Register of Providers of Designated Remittance Services.
• Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007(No. 1)
  This Instrument contains the majority of the registered AML/CTF Rules. The current compilation comprises matters including AML/CTF compliance reports (reporting and lodgment periods), monetary thresholds for certain designated services in tables 1 and 3.
• Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 2)
  This Instrument contains AML/CTF Rules relating to paragraph (e) of the definition of 'correspondent banking relationship' in section 5 of the AML/CTF Act.
• Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2007 (No. 4)
  This Instrument amends Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) and contains AML/CTF Rules relating to ongoing customer due diligence, international funds transfer instruction reportable details, suspicious matter reportable details.
• Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2007 (No. 5)
  This Instrument amends Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) and contains AML/CTF Rules for threshold transaction reportable details.

Draft AML/CTF Rules

• relating to customer identification procedures - takeovers,schemes of arrangement, business disposals and business assignments
• same-person and person-to-person electronic funds transfer instructions