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Explanatory statements relating to amendments to the AML/CTF Rules

Explanatory statements relating to amendments to the AML/CTF Rules are set out below, organised by category:

Definitions

Chapter 1

  • Key terms and concepts (explanatory statement)
  • 'Accredited translator' definition inserted (explanatory statement)
  • Expanded list of who can certify documents (explanatory statement)
  • Expanded list of who can certify documents - Australian credit licence holders (explanatory statement)
  • Minor amendments (explanatory statement)
  • Inserted definitions of 'Australian Government Entity', 'politically exposed person', 'reasonable measures' and 'senior managing official'. Amended definition of 'beneficial owner' (explanatory statement)
  • Expanded list of who can certify documents - Notary public in a foreign country (explanatory statement)
  • Amends definitions of ‘primary non-photographic identification document’, 'primary photographic identification document’ and ‘secondary identification document’ (explanatory statement)
  • Expands the list of persons who can provide certified copies of documents to include a person in a foreign country who is authorised by law in that jurisdiction to administer oaths or affirmations or to authenticate documents (explanatory statement)
  • Amends definition of ‘certified copy’ (explanatory statement)

Chapter 2

Chapter 3.2

Chapter 4

  • Inserted definitions of ‘custodian’, ‘IDPS’, MDA service’, ‘providing a custodial or depository service’ and ‘Reporting Entities Roll’ to Part 4.4 (explanatory statement)

Chapter 13

Chapter 40

Chapter 80

Designated services – specification of persons by AML/CTF Rules

Chapter 71

  • 'Non-ADI credit card issuers and acquirers' relevant to items 1, 2, and 3 in Table 1 (explanatory statement)

Customer identification

Chapter 3

Chapter 4

  • Customer identification (explanatory statement)

  • Amendments relating to customer due diligence (explanatory statement)

  • Exemptions relating to beneficial owners and politically exposed persons (explanatory statement)

  • Amendments relating to customer due diligence – collecting information from other than the customer (explanatory statement)

  • Expands the exemptions for identification of beneficial ownership (explanatory statement)

  • Adds Part 4.15 which sets out procedures for reporting entities to follow in certain limited and exceptional circumstances where a customer is unable to provide satisfactory evidence of their identity (explanatory statement)

  • Amendments to the table at paragraph 4.14.1 (explanatory statement)

  • Minor amendments to subparagraphs 4.4.2, 4.4.3(1), 4.4.5(1) and 4.4.9, and adds new subparagraphs 4.4.3(5)(d), 4.4.5(5)(d) and paragraphs 4.4.18 - 4.4.19 to provide reporting entities with relief from certain identification and verification requirements in relation to custodian customers (explanatory statement)

Chapter 6

Chapter 7

Chapter 30

Chapter 79

  • Carrying out applicable customer identification after commencing to open a bank account (explanatory statement)

Customer due diligence

Chapter 15

AML/CTF programs

Chapter 5

Chapter 8

Chapter 9

Reporting obligations

Compliance reports

Chapter 11

International funds transfer instruction (IFTI) reports

Chapter 16

Chapter 17

Chapter 51

Chapter 72

Threshold transaction reports (TTRs)

Chapter 19

Chapter 37

Suspicious matter reports (SMRs)

Chapter 18

Cross-border movement notices

Chapter 34

Reports relating to movements of currency (coin and printed money) and bearer negotiable instruments (CBM-PCs and CBM-BNIs)

Chapter 24

Chapter 25

Chapter 26

Remittance Sector Register

Chapter 27

Chapter 44

  • Removal of reporting entities from the Register of Providers of Designated Remittance Services (explanatory statement)

Chapter 54

Chapter 55

Chapter 56

Chapter 57

Chapter 58

Chapter 59

  • Suspension of registration - matters to be considered by the AUSTRAC CEO (explanatory statement)
  • Amendments including grounds for suspension and relating to definitions (explanatory statement)
  • Amendments relating to suspension without prior notice and aligning the grounds for suspension with the grounds for cancelling registrations (explanatory statement)

Chapter 60

Chapter 61

Chapter 70

Reporting Entities Roll

Chapter 62

Chapter 63

Chapter 64

Chapter 65

Digital Currency Exchange Register

Chapter 76

  • Information to be included in an application for registration and registrable details relating to the Digital Currency Exchange Register
  • Renewal of registration procedures
  • Suspension of registration – matters to be considered by the AUSTRAC CEO
  • Cancellation of registration – matters to be considered by the AUSTRAC CEO
  • Obligation to inform AUSTRAC CEO of changes in registrable details
  • Correction of entries on the Digital Currency Exchange Register  (explanatory statement)

Record-keeping

Chapter 20

  • Records of customer identification deemed to have been carried out by a reporting entity (explanatory statement)

Chapter 29

Chapter 68

Exemptions

Full exemptions from the AML/CTF Act

Chapter 22

Chapter 31

Chapter 32

Chapter 36

  • Designated services provided within corporate structures (explanatory statement)

  • Extends the circumstances in which the exemption applies to include partnerships where justified by ML/TF risk. It excludes ‘limited partnerships’ (explanatory statement)

Chapter 42

Chapter 43

Chapter 47

Chapter 48

Chapter 73

Partial exemptions from the AML/CTF Act

Chapter 10

  • Gambling services - casinos, oncourse bookmakers, Totalisator agency boards, gaming machines and online gaming services (explanatory statement)
  • Adds references to items 7 and 8 designated services of Table 3 in subsection 6(4) of the AML/CTF Act (explanatory statement)

Chapter 11

  • 2011 compliance reporting for providers of designated remittance services under designated service items 31 and 32 of the AML/CTF Act (explanatory statement)
  • 2012 compliance reporting for registered remittance affiliates or registered remittance network providers providing only designated service items 31, 32 or 32A of the AML/CTF Act (explanatory statement)
  • 2013 compliance reporting for registered remittance affiliates or registered remittance network providers providing only designated service items 31, 32 or 32A of the AML/CTF Act (explanatory statement)
  • 2014 compliance reporting for registered remittance affiliates or registered remittance network providers providing only designated service items 31, 32 or 32A of the AML/CTF Act (explanatory statement)
  • 2015 compliance reporting for registered remittance affiliates or registered remittance network providers providing only designated service items 31, 32 or 32A of the AML/CTF Act (explanatory statement)
  • 2016 compliance reporting for registered remittance affiliates or registered remittance network providers providing only designated service items 31, 32 or 32A of the AML/CTF Act (explanatory statement)

Chapter 12

Chapter 14

Chapter 21

Chapter 23

Chapter 28

Chapter 29

Chapter 33

Chapter 35

Chapter 38

  • Sale of shares for charitable purposes (explanatory statement)
  • Consequential legislative amendments (explanatory statement)
  • Increase in the threshold from A$500 to A$10000 (explanatory statement)
  • Amends subparagraph 38.2(4)(a) to remove the requirement for an ancillary fund to distribute the proceeds of the disposal of the security to a deductible gift recipient “before the end of the financial year in which it receives the proceeds” (explanatory statement)

Chapter 39

Chapter 41

Chapter 45

Chapter 46

Chapter 49

Chapter 50

Chapter 52

Chapter 53

Chapter 66

  • Customer identification requirements for compulsory transfers under the Financial Sector (Business Transfer and Group Restructure) Act 1999 (explanatory statement)

Chapter 67

Chapter 69

Chapter 74

Chapter 75

Chapter 77

  • Exemption from the applicable customer identification procedure for the purposes of Schedule 13 to the Coronavirus Economic Response Package Omnibus Act 2020 (explanatory statement)

The content on this website is general and is not legal advice. Before you make a decision or take a particular action based on the content on this website, you should check its accuracy, completeness, currency and relevance for your purposes. You may wish to seek independent professional advice.

Last updated: 17 Dec 2021
Page ID: 221

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