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.
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 to amend Chapter 14 of the Rules
File size 52 Kb
These draft AML/CTF Rules amend paragraph 14.4 of Chapter 14 by raising the threshold from $500 to $1,000 regarding the designated service of exchanging one currency for another in the course of carrying on a currency exchange business (item 50 of table 1 and item 14 of table 3 in section 6 of the AML/CTF Act), for reporting entities which are not ADIs, building societies, banks, credit unions or representatives of a foreign bank. As a result, the customer identification procedures under the AML/CTF Act do not apply to transactions under $1,000 unless a reporting entity, in accordance with its enhanced customer due diligence program, decides to obtain and verify any 'know your customer' information about that customer. A public consultation period was open from 30 July 2008 to 13 August 2008.
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.
