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AUSTRAC Draft AML/CTF Rules exempting certain types of OTC derivative transaction involving wholesale electricity, gas and renewable energy certificates.
Applies to transactions between Registered Participants of the National Electricity Market who also hold an AFSL or act through an agent or authorised representative of an agent who holds and AFSL.
What’s new?
AUSTRAC has released a draft Explanatory Note regarding a proposed amendment to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. The proposed exemption would exempt transactions where the counterparties to transactions involving Over-the-Counter derivatives relating to the wholesale price of electricity, gas or renewable energy certificates are both:
- Registered Participants of the National Electricity Market (NEM) and;
- Holders of an Australian Financial Services Licence (AFSL), or act through an agent or authorised representative of an agent that holds an AFSL.
Entities will still need to undertake AML/CTF checks and reporting in accordance with their Board approved AML/CTF Program where the client is not a Registered Participant of NEM or hold/deal through someone with an AFSL.
What do you need to do now?
Should you wish to make a comment on the proposed amendment, AUSTRAC has a public consultation period which is open from 16 to 31 January 2008.
AML/CTF Programs
Under the AML/CTF Act, all Responsible Entities dealing in Designated Services were required to have a risk based AML/CTF Program in place from 12 December 2007. Should you be unaware of whether the AML/CTF Act has an impact on your business, or if you require any help in designing and implementing an appropriate AML/CTF Program, then please contact Certainty Compliance whereby we can provide appropriate advice.
Further information
Contact your Certainty consultant at (02) 8246 8560 or enquiries@certaintycompliance.com.au
A copy of the AUSTRAC Explanatory Note can be found by clicking on the following link: www.austrac.gov.au