Draft AML/CTF Rules relating to the sale of shares for charitable purposes

Austrac has released for consultation draft AML/CTF Rules relating to the sale of shares for charitable purposes.

These draft AML/CTF Rules exempt from the customer identification provisions of the AML/CTF Act, those persons who provide an item 33 designated service involving the disposal of low-value parcels of shares, for the purpose of passing the proceeds to charitable organisations who are deductible gift recipients under the Income Tax Assessment Act 1997.

A public consultation period is open from 23 April 2009 to 7 May 2009.