Draft AML/CTF Rules

Contents


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 AML/CTF Rules relating to account-based money transfer services (PDF, 58KB)

Draft AML/CTF Rules relating to account-based money transfer services (Word, 39KB)

These draft AML/CTF Rules were first published in July 2015 and originally related solely to the Western Union account-based money transfer system. As a result of consultation, they have been amended to include the MoneyGram account-based money transfer system. These systems enable authorised deposit-taking institutions to offer their customers the ability to undertake or receive remittance transfers through the Western Union or MoneyGram platforms.

A public consultation period was open from 22 July to 19 August 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.

Draft amendments to Chapter 38 - increasing the threshold amount (PDF, 46KB)

Draft amendments to Chapter 38 - increasing the threshold amount (Word, 28KB

These draft amendments to Chapter 38 of the AML/CTF Rules (Sale of shares for charitable purposes) have increased the threshold for the disposal of parcels of shares from $500 to $10,000. It is considered that this threshold will encourage donations of higher monetary value while not increasing money-laundering and terrorism-financing risk.

A public consultation period was open from 7 March 2016 to 4 April 2016.

Draft amendments to Chapter 4 - customer identification (PDF, 157KB)

Draft amendments to Chapter 4 - customer identification (Word, 66KB)

These amendments to Chapter 4 of the AML/CTF Rules provide a further version of the electronic safe harbour procedure for customers, broaden the collection of identification information from sources other than the customer, and extend current customer identification exemptions to include beneficial owners and politically exposed persons.

A public consultation period was open from 10 June 2015 to 8 July 2015.

Draft AML/CTF Rules exempting small on-course bookmakers (PDF, 37KB)

Draft AML/CTF Rules exempting small on-course bookmakers (Word, 66KB)

These draft AML/CTF Rules exempt on-course bookmakers from the obligation to lodge compliance reports and from complying with the requirements that relate to Part A of an AML/CTF program in specified circumstances.

A public consultation period was open from 13 November 2014 to 11 December 2014.

Draft amendments to Chapter 4 - electronic safe harbour (customers) (PDF, 24KB)

Draft amendments to Chapter 4 - electronic safe harbour (customers) (Word, 33KB)

These draft Rules amend the electronic safe harbour procedures for customers, to be consistent with the new electronic safe harbour procedures for beneficial owners.

A public consultation period was open from 29 May to 26 June 2014.


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

How to make a submission

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

By Mail:

Director
Rules
PO Box 13173
Law Courts
MELBOURNE VIC 8010

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.


Future consultation

Future consultation with the Attorney-General's Department, other relevant government departments, privacy, civil liberties and consumer protection representatives through the privacy consultative committee, partner agencies and industry will continue to occur regarding new draft AML/CTF Rules.