Austrac issues replacement declaration on managed investment schemes

The Austrac declaration relating to managed investment schemes has been updated.

This declaration instrument deals with section 28 of the AML/CTF Act applying to certain managed investment schemes' customers before 31 January 2008.

The declaration instrument replaces the draft AML/CTF Rules which were recently published  for comment. This declaration simplifies the intent and effect of those draft AML/CTF Rules; that is, to modify the application of section 28 (pre-commencement customers) so that for designated services covered by the AML/CTF Regulations, pre-commencement customers are those to whom a reporting entity commenced to provide a service prior to 31 January 2008. AUSTRAC intends to make this declaration on 11 April 2008.