The Australian Transaction Reports and Analysis Centre (AUSTRAC) has finalised a series of Rules which will provide businesses with greater certainty to assist them to comply with anti-money laundering laws.
Developed following consultation with industry, the Office of the Federal Privacy Commissioner and the Attorney-General’s Department, the Rules set out the requirements with which industry must comply under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). This includes requirements for customer identification and verification procedures, and anti-money laundering and counter-terrorism financing (AML/CTF) programs.
AUSTRAC Chief Executive Officer Neil Jensen said that, in line with the risk-based approach integral to the AML/CTF Act, businesses themselves will determine the way in which they meet their obligations.
See full Press Release.
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