Draft AML/CTF Rules
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||Description|
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
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 is open from 3 April 2017 to 1 May 2017.
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.
These draft amendments to Chapter 59 implement a recommendation of the Post-Implementation Review of Chapters 58 and 59 (now finalised and published below), allow the AUSTRAC CEO to suspend a remitter’s registration without prior notice, delegate the AUSTRAC CEO’s responsibility for considering matters relevant to making a suspension of registration decision, and align the grounds for suspending remitter registration with the grounds for cancelling remitter registrations.
A public consultation period was open from 12 January 2017 to 9 February 2017.
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.
These draft AML/CTF Rules are a partial exemption from the AML/CTF Act for licensed trustees who hold an Australian Financial Services Licence under the Corporations Act 2001. The exemption does not apply to the management of inter vivos trusts.
A public consultation period was open from 7 September 2016 to 5 October 2016.
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 exempting small on-course bookmakers’ has been discontinued.
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 finalisation of the statutory review of the AML/CTF Act, Rules and regulations.
Submissions on draft AML/CTF Rules should be sent to:
PO Box 5516
West Chatswood NSW 1515
By email: firstname.lastname@example.org
By fax: (03) 8636 0501
Please note that all submissions may be made public except those marked 'confidential'.
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: email@example.com
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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.
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.