What’s new
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30 March 2007 AUSTRAC releases Anti-Money Laundering compliance rules
Applies to all AFS Licensees, bullion dealers and gaming.
The Australian Transactions Reports and Analysis Centre (AUSTRAC) has released the first set of Rules that financial services businesses need to follow in order to comply with the Anti-Money Laundering and Counter Terrorist Funding Act 2006 (AML/CTF Act).
What’s new?
As an AFS Licensee, you currently have obligations to report to AUSTRAC regarding cash transactions over $10,000 and suspicious transactions. You may now be obligated to implement other procedures for the first time such as customer identification and documentation of AML/CTF programs.
The requirements of the AML/CTF Act comes into effect at staggered times from January 2007 until December 2008. While most obligations do not immediately come into effect for most businesses other than remittance providers, you need to start preparing now.
Penalties for non-compliance are severe and include civil and criminal penalties.
What do you need to do now?
- Identify which of the 71 designated services apply to your business
- Identify whether record keeping and reporting obligations apply to you from July 2007
- Design an AML/CTF Program for Board approval by December 2007
- Prepare to implement customer identification and employee due diligence by 12 December 2007
Further information
Contact your Certainty consultant at (02) 8246 8560 or enquiries@certaintycompliance.com.au
Copies of the Rules are available on AUSTRAC’s website www.austrac.gov.au