AML draft rules released for comment

Austrac has released the following draft rules for comment until 15 January 2010:

• amending the definition of 'designated business group' to allow reporting entities that are either a representative or sub-representative of a money transfer service provider, and who provide a registrable designated remittance service through that provider, to form a designated business group.
• amending the rules in regard to customers who are not individuals. AUSTRAC currently requires that reporting entities should report both the 'holder of the account' and 'each other signatory to the account', when they relate to non-individual customers making threshold transaction reports. The amendments specify that in regard to non-individual accounts, reporting entities now need only supply details about the holder of the account, and the signatory to the account who is conducting the transaction.
• exempting reporting entities who provide risk only life policy interests in a superannuation fund. These draft AML/CTF Rules ensure that superannuation funds providing risk-only life policies are treated in the same manner under the AML/CTF Act as life insurers.