Austrac draft AML/CTF rule on warrants

Austrac has released draft AML/CTF Rules relating to warrants.

These draft AML/CTF Rules exempt reporting entities that are warrant issuers, subject to specific circumstances, from the applicable customer identification procedure of the AML/CTF Act, if they provide the item 33, item 35 and item 46 designated services. As a result of these AML/CTF Rules, duplication of the applicable customer identification procedure by relevant reporting entities will be avoided.

A public consultation period is open until 29 October 2009.