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Draft AML/CTF Rules

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AUSTRAC consults with partner agencies, industry and members of the public prior to making and registering Anti-Money Laundering and Counter-Terrorism Financing Rules (AML/CTF Rules). Draft versions are published on the AUSTRAC website for a four-week consultation period and will generally remain on the website until registered.

Draft AML/CTF Rules

Draft AML/CTF Rules Description

Draft amendments to Chapter 51 of the AML/CTF Rules (Word, 89KB)

Draft amendments to Chapter 51 of the AML/CTF Rules (PDF, 52KB)

These draft amendments will ensure that International Funds Transaction Instructions between PayPal Australia and PayPal Hong Kong are reported to AUSTRAC. They are consistent with previous amendments to Chapter 51 in 2012 which introduced reporting requirements for PayPal Singapore and PayPal USA.

A public consultation period is open from 22 May 2017 to 5 June 2017

Draft AML/CTF Rules resulting from the Review of the Act (Word, 124KB)

Draft AML/CTF Rules resulting from the Review of the Act (PDF, 153KB)

These draft AML/CTF Rules follow from the proposed consultative approach resulting from the Review of the Act which was published for consultation in December 2016. Draft amendments have been made to chapters 1, 4, 8, 9, 15, 30 and 36.

A public consultation period is open from 24 April 2017 to
22 May 2017.

Draft AML/CTF Rules relating to customers which are custodians (Word, 99KB)

Draft AML/CTF Rules relating to customers which are custodians (PDF, 89KB)

These amendments exempt reporting entities from certain identification requirements in Chapter 4 and Chapter 15 of the AML/CTF Rules for corporate customers who are ‘custodians’.

A public consultation period was open from 3 April 2017 to 1 May 2017.

Draft Rules relating to law enforcement operations (Word, 90KB)

Draft Rules relating to law enforcement operations (PDF, 52KB)

These draft AML/CTF Rules provide an exemption allowing reporting entities to undertake actions in regard to a law enforcement operation which normally would amount to a breach of the AML/CTF Act and AML/CTF Rules.

A public consultation period was open from 16 February 2017 to 16 March 2017.

Draft consultative approach relating to AML/CTF Rules amendments resulting from the Review of the AML/CTF Act (Word, 28KB)

Draft consultative approach relating to AML/CTF Rules amendments resulting from the Review of the AML/CTF Act (PDF, 168KB) 

AUSTRAC will be undertaking a staged approach to implementing recommendations from the Review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and Associated Rules and Regulations which are relevant to the AML/CTF Rules. AUSTRAC seeks stakeholder views on the proposed approach which will initially consist of a restructure of the AML/CTF Rules Compilation and the progression of deregulatory recommendations relevant to the AML/CTF Rules.

A public consultation period was open from 30 November 2016 to 28 December 2016. 

Draft amendments to Chapter 22 - exemption of certain types of transactions relating to the over-the-counter derivatives market (PDF, 46KB)

Draft amendments to Chapter 22 - exemption of certain types of transactions relating to the over-the-counter derivatives market (Word, 33KB)

These draft amendments to Chapter 22 extend the entities which are covered by the exemption.

A public consultation period was open from 10 May 2016 to 7 June 2016.


The development of the previously published draft AML/CTF Rules ‘Draft amendments to Chapter 2’ and ‘Draft AML/CTF Rules exempting financial institutions from the applicable identification procedure in certain circumstances’, have been suspended pending the implementation of the statutory review of the AML/CTF Act, Rules and regulations.

How to make a submission

Submissions on draft AML/CTF Rules should be sent to:

By Mail:

Director
Rules
AUSTRAC
PO Box 5516
West Chatswood NSW 1515

By email: aml_ctf_rules@austrac.gov.au

By fax: (03) 8636 0501

Please note that all submissions may be made public except those marked 'confidential'.


Mailing lists

AML/CTF Rules mailing list

Subscribe to AML/CTF Rules updates and receive information about the publication of draft AML/CTF Rules, the registration of AML/CTF Rules and updates to the AML/CTF Rules compilation.

Subscription details should be sent to: aml_ctf_rules@austrac.gov.au

AUSTRAC e-news mailing list

Subscribe to the AUSTRAC e-news newsletter and receive monthly updates from AUSTRAC about Australia's AML/CTF regime.

Privacy notice: AUSTRAC ensures the protection of any personal information provided to it, as required by the Privacy Act 1988. AUSTRAC collects personal information to fulfil its functions under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. AUSTRAC's collection of personal information is authorised by that Act and the Privacy Act 1988. AUSTRAC will not disclose your personal information unless it has obtained your consent, or disclosure is required by law, or AUSTRAC is required to report to the Minister or the Parliament. If you do not provide the personal information requested, AUSTRAC will not be able to add you as a subscriber to the AML/CTF Rules mailing list. AUSTRAC's privacy policy contains additional information regarding AUSTRAC's privacy practices.


Post-implementation review of AML/CTF Rules

Chapters 58 and 59 relating to the cancellation and suspension of remitter registrations

In March 2015 AUSTRAC released a draft Post-Implementation Review (PIR) consultation paper on Chapters 58 and 59 and their impact on stakeholders. Chapter 58 relates to the cancellation of a remittance dealer's registration, while Chapter 59 relates to the suspension of a remittance dealer's registration.

Following public consultation, AUSTRAC submitted the PIR to the Office of Best Practice Regulation (OBPR) for approval and it was assessed as being compliant on 6 July 2015. In accordance with OBPR requirements, the Minister of Justice and the Prime Minister were provided with a copy of the PIR and the final report was also published on the OBPR website

Post-implementation review: Chapters 58 and 59 of the AML/CTF Rules (Word, 315KB)

Post-implementation review: Chapters 58 and 59 of the AML/CTF Rules (PDF, 132KB)

Submissions

The submissions, from a number of stakeholder perspectives, provided valuable input into the PIR process and are published below, unless the author requested that the submission remain confidential. 

To view submissions from the consultation period, please visit the Submissions page.

Implementation of PIR recommendations

AUSTRAC has published for consultation draft amendments to Chapter 59 on the Draft AML/CTF Rules page (above). These are as a result of the PIR recommendation, together with further consideration of Chapter 59 which has taken place since the PIR concluded.

Last modified: 15/06/2017 15:53