AUSTRAC has released its first public consultation on the new anti-money laundering and counter-terrorism financing (AML/CTF) Rules, inviting industry feedback.
In brief
Following the recent adoption of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) (“AML/CTF Amendment Act“), AUSTRAC has now turned its attention to amending the current AML/CTF Rules in order to provide clarity and guidance in relation to the significant changes to the AML/CTF regime.
AUSTRAC has released the first Exposure Draft, which details the proposed amendments to the AML/CTF Rules (“New Rules“) and have invited industry feedback on the contents of the Exposure Draft. AUSTRAC has aimed to construct the New Rules in a way which provides clarity to reporting entities with regard to their AML/CTF obligations and removes overly prescriptive and rigid requirements, as well as granting reporting entities with flexibility in the way they comply with their AML/CTF obligations. Consultation on the first Exposure Draft will remain open until 14 February 2025.
The first Exposure Draft addresses information related to AML/CTF programs, reporting groups, customer due diligence, the travel rule, compliance reports, keep open notices and correspondent banking relationships.
Click here to read the full alert.
