Under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), the Chief Executive Officer (CEO) of AUSTRAC may, in writing, make Anti-Money Laundering and Counter-Terrorism Financing rules (AML/CTF Rules). The AML/CTF Rules are legislative instruments and are therefore binding.
Schedule of release dates for draft AML/CTF Rules and guidance notes
Expected/actual release dates of draft AML/CTF Rules and guidance notes January-April 2008
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Registered AML/CTF Rules
The following instruments containing AML/CTF Rules have been made and registered:
1) Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1)
This Instrument contains the majority of the registered AML/CTF Rules. The current compilation comprises matters including:
2) Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 2)
This Instrument contains AML/CTF Rules relating to paragraph (e) of the definition of 'correspondent banking relationship' in section 5 of the AML/CTF Act. View the explanatory statement for these AML/CTF Rules.
3) Anti-Money Laundering and Counter-Terrorism Financing Rules
This Instrument contains AML/CTF Rules relating to:
- movements of bearer negotiable instruments
- movements of physical currency into or out of Australia
- receipts of physical currency from outside Australia
- Register of Providers of Designated Remittance Services.
View the explanatory statement for these AML/CTF Rules.
Prior to making and registering all the above AML/CTF Rules, AUSTRAC consulted with industry. Draft versions were also published on the AUSTRAC website for public comment. A number of non-confidential submissions to AUSTRAC from industry and other interested parties in relation to the AML/CTF Rules were also published.
Draft AML/CTF Rules
Draft AML/CTF Rules for disclosure certificates relevant to applicable customer identification procedures
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The purpose of these draft AML/CTF Rules is to set out the required contents for disclosure certificates, relevant to Part B of a standard, joint or special AML/CTF program. A disclosure certificate is considered to be reliable and independent documentation for the purposes of verifying the identity of a customer. A public consultation period was open from 30 May 2008 to 13 June 2008.
Draft AML/CTF Rules relating to the definition of 'loan'
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These draft AML/CTF Rules carve out from the definition of 'loan' in the AML/CTF Act, certain products such as money market instruments, government or corporate bonds, debenture stock, bonds and debt instruments that may also be considered as another type of designated service under that Act. The purpose of these draft AML/CTF Rules is to remove the potential dual application of two types of designated services applying to a particular transaction. A public consultation period was open from 17 April 2008 to 8 May 2008.
Draft AML/CTF Rules relating to special circumstances for customer identification procedures
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These draft AML/CTF Rules provide that in specified circumstances a reporting entity may carry out the applicable customer identification procedure after commencing to provide certain designated services to a customer. A public consultation period was open from 24 December 2007 to 31 January 2008.
Draft AML/CTF Rules relating to customer identification procedures - takeovers, schemes of arrangement, business disposals and business assignments
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These draft AML/CTF Rules relate to customer identification procedures for certain circumstances relating to reporting entities involved in takeovers, schemes of arrangement, business disposals and business assignments. A public consultation period was open from 21 December 2007 to 18 January 2008.
Draft AML/CTF Rules for same-person and person-to-person electronic funds transfer instructions
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These draft AML/CTF Rules relate to including additional types of service providers in tables 1, 2 and 3 in section 6 of the AML/CTF Act as ordering institutions or beneficiary institutions, for same-person and person-to-person electronic funds transfer instructions. A public consultation period was open from 21 December 2007 to 18 January 2008.
AUSTRAC has received a significant number of comments on these draft AML/CTF Rules. AUSTRAC is continuing to consider these Rules and consult with industry.
Draft AML/CTF Rules for designated remittance arrangements
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These draft AML/CTF Rules describe conditions under paragraph 10(1)(c) of the AML/CTF Act relating to a designated remittance arrangement. A public consultation period was open from 5 September 2007 to 18 September 2007.
Submissions on draft AML/CTF Rules should be sent to:
General Manager
Regulatory Policy
AUSTRAC
PO Box 5516
WEST CHATSWOOD NSW 1515
aml_ctf_rules@austrac.gov.au
Please note that all submissions may be made public except those marked "confidential".
Future consultation
Future consultation with the Attorney-General's Department, other relevant government departments and industry will continue to occur regarding new draft AML/CTF Rules.
