AUSTRAC releases interpretation of legislation affecting Australian financial services licence holders
15 May 2008
AUSTRAC has today released an important interpretation of the legislation that underpins Australia's anti-money laundering and counter-terrorism financing (AML/CTF) reforms.
Part of a publication series, this Public Legal Interpretation (PLI) provides information about Australian financial services licence holders captured under item 54 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
Individuals who hold an Australian financial services licence, or act in the capacity of the holder of that licence, can make arrangements for a person to receive a 'designated service', as defined in section 6 of the AML/CTF Act. Therefore, these individuals have obligations under the Act.
AUSTRAC's Chief Executive Officer, Neil Jensen says, 'AUSTRAC is providing guidance on the implications of item 54 of the Act to help this section of the financial services industry understand their compliance obligations. This resource has been developed in response to feedback from this sector and to further clarify the interpretation of this part of the Act.'
The PLI series was launched on 8 April 2008, along with a schedule for the 2008 series.
'Due to the importance of this issue, the topic we are releasing today has been brought forward in the series schedule to meet industry demand for information about item 54,' says Mr Jensen.
This series complements other resources developed for reporting entities, including the AUSTRAC Regulatory Guide, Self Assessment Questionnaire, online learning materials, guidance notes and frequently asked questions (FAQs).
The PLI series and the revised schedule of release dates for 2008 are available on the website: www.austrac.gov.au/pli.
Topics for the 2009 Public Legal Interpretation series will be finalised following consultation with key stakeholder groups later this year.
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About AUSTRAC:
The Australian Transaction Reports and Analysis Centre (AUSTRAC) fights global crime by protecting the integrity of the Australian financial system. AUSTRAC is a world-renowned and respected financial intelligence unit and is Australia's anti-money laundering and counter-terrorism financing regulator.
Note to editors:
AUSTRAC's Chief Executive Officer Neil Jensen is available for interview.
Media enquiries:
Ismene Kongos
Telephone +61 3 8636 0577
Ismene.Kongos@austrac.gov.au
