Information about upcoming anti-money laundering obligations released by regulator
08 August 2008
A new AUSTRAC Regulatory Guide chapter about upcoming anti-money laundering obligations is now available on the AUSTRAC website.
All reporting entities under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) are encouraged to download the chapter which outlines new ongoing customer due diligence obligations that come into effect on 12 December 2008.
AUSTRAC Chief Executive Officer Neil Jensen said: 'While introduced in 2006, implementation of the AML/CTF Act has been staggered over a two-year period to give reporting entities more time to implement the required changes.
'We released the AUSTRAC Regulatory Guide last December as a practical tool to help reporting entities understand and meet their obligations under the Act. The Guide was intended to be progressively expanded as further provisions of the AML/CTF Act came into effect, hence the new chapter about the upcoming obligations', Mr Jensen said.
From 12 December 2008, reporting entities must incorporate ongoing customer due diligence systems and processes into their AML/CTF program. This means that, in order to maintain a proper understanding of their customers, reporting entities may need to collect and verify additional customer identification information if they deem it necessary. Ongoing customer due diligence is a key element of a reporting entity's control framework in identifying, mitigating and managing any money laundering and terrorism financing risks they face.
To download the chapter please refer to the website (www.austrac.gov.au) or contact the AUSTRAC Help Desk on 1300 021 037 for more information.
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:
Briony Grogan
Telephone +61 3 8636 0576
Briony.Grogan@austrac.gov.au
