Rule extended to support COVID-19 early release of superannuation initiative
AUSTRAC has extended the Rule for streamlined customer verification under the COVID-19 early release of superannuation initiative until 31 December 2020.
This extension supports the Government’s decision to allow the COVID-19 early release of superannuation initiative to continue until 31 December 2020.
Customer verification obligations under the Rule
In March this year, AUSTRAC introduced a Rule under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) to facilitate streamlined payments by superannuation funds to their members under the COVID-19 early release of superannuation initiative.
Under the Rule, where the payment under this initiative is approved by the ATO, superannuation funds do not have to conduct upfront customer verification for AML/CTF purposes.
Other obligations under the AML/CTF Act still apply, including ongoing customer due diligence and suspicious matter reporting.
If you need assistance
If you are an individual affected by COVID-19 enquiring about early access to your superannuation, please contact the ATO directly.
If you are an AUSTRAC reporting entity and have questions about your customer due diligence obligations, please contact us using the online form.