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News: UpdatesIf you'd like to be added to our mailing lists and alerted when we add new publications to our main site, please go to the subscription page in our main site publications area.
Release dates for AML/CTF Rules 30 April 2008 A schedule of release dates for Draft AML/CTF Rules and guidance notes was announced in April 2008. Under section 229 of the AML/CTF Act, the Chief Executive Officer of AUSTRAC may, in writing, make AML/CTF Rules. The Rules are legislative instruments and are therefore binding. The schedule of release dates and issues to be covered can be found on AUSTRAC's website.
Compliance Officers' guidance note 23 April 2008 AUSTRAC has released a guidance note to provide information and assistance to reporting entities regarding the requirement to designate an AML/CTF Compliance Officer under chapters 8 and 9 of the AML/CTF Act. The guidance note focuses on the requirements under Part 7 of the AML/CTF Act, particularly the requirement that a reporting entity have a written AML/CTF program and the obligation to designate an AML/CTF Compliance Officer. The guidance note sets out considerations that should be taken into account when designating an AML/CTF Compliance Officer and their duties. The guidance note also considers whether the Compliance Officer must be an employee or if an independent contractor can fulfil the role, as well as reiterating the existence of civil penalties for breaches of the AML/CTF program provisions.
Draft AML/CTF Rules relating to the definition of 'loan' 17 April 2008 AUSTRAC has issued for public consultation Draft Rules relating to the definition of a 'loan' in the AML/CTF Act. The Draft Rules aim to remove the potential dual application for different types of designated services applying to a particular transaction, one of which is a 'loan' designated service. An example of such a product is a money market instrument which falls within the 'loan' definition of table 1 and 'deposit taker' in items 4 and/or 5. One of the consequences of the potential dual application is that parties to the transaction are treated as reporting entities on different sides and at different times of a transaction. The Draft Rules remove from the definition of 'loan' certain products such as money market instruments, government or corporate bonds, debenture stock, bonds and debt instruments, that may also be considered as another type of designated service. The consultation period ends 8 May 2008.
Declaration modifying s28 relating to managed investment schemes 11 April 2008 The declaration modifies the application of section 28 of the AML/CTF Act so that for designated services covered by the AML/CTF Regulations, pre-commencement customers are customers to whom a reporting entity commenced to provide a service prior to 31 January 2008. The declaration has not yet been made. The declaration can be found on AUSTRAC's website.
AUSTRAC Public Legal Interpretation series 8 April 2008 On 8 April 2008, AUSTRAC announced the launch of a series of new publications which aim to assist reporting entities discern their obligations under the AML/CTF Act and encourage a spirit of voluntary compliance. The Public Legal Interpretation series will express AUSTRAC's 'views on the legal meaning and effect of various provisions of the legislation' according AUSTRAC's Chief Executive Officer, Neil Jensen. The interpretations in this new series intend to help address some of the more complex questions that have arisen for reporting entities. The Public Legal Interpretation series complements the AUSTRAC Regulatory Guide, Self Assessment Questionnaire, online learning materials, guidance notes, frequently asked questions and other resources developed for reporting entities. The first publication, Establishment of the AUSTRAC Public Legal Interpretations (Public Legal Interpretation No. 1), was released on 8 April 2008 and introduces the publication series and outlines its purpose and legal authority. A further six publications will be released throughout 2008. The 2008 series will cover; registration as an 'alternative remittance' provider; Australian financial services licence holders; what constitutes a reporting entity; access to AUSTRAC information; suspect transactions and suspicious matter reports; and threshold transactions. The Public Legal Interpretation series and the list of 2008 topics and release dates are available on AUSTRAC's website.
No-action letters guidance note 1 April 2008 AUSTRAC has released guidance relating to situations where a reporting entity has breached, or anticipates a future breach of, the AML/CTF Act and the reporting entity requests that AUSTRAC does not take enforcement or other regulatory action as a result of that breach or anticipated future breach. Each case is to be assessed by AUSTRAC individually. AUSTRAC may consider the provision to a reporting entity of a no-action letter, by which it states that it will not take regulatory or enforcement action over a particular act or omission by that reporting entity. A no-action letter is a statement of AUSTRACs regulatory approach with respect to the particular circumstances which have resulted, or are likely to result, in a breach of the AML/CTF Act. It is not an expression of legal views on the particular matter that resulted in AUSTRAC issuing the no-action letter. Generally, AUSTRAC is prepared to consider issuing a no-action letter where there is doubt as to whether a particular act or conduct would be lawful and AUSTRAC is of the view that enforcement action in relation to that act or conduct would not advance the policy of the AML/CTF Act. There may be other circumstances where AUSTRAC would be prepared to consider issuing a no-action letter. This guidance note is to be read in conjunction with the AUSTRAC guidance note Application of the Policy (Civil Penalty Orders) Principles 2006.
Compliance report deadline 1 March 2008 AUSTRAC has reminded industry participants to submit their AML/CTF compliance reports by 31 March 2008. As of 12 December 2007, all reporting entities were required to have in place an AML/CTF program, as well as customer identification and verification procedures. The compliance report aims to give AUSTRAC an indication of the reporting entities progress in implementing their AML/CTF obligations. The compliance report is to cover the period from 13 December 2006 to 31 December 2007. The implementation of an AML/CTF program and the submission of a compliance report are legislative requirements under the AML/CTF Act and businesses may face civil penalties for non-compliance. An electronic submissions link can be found on AUSTRAC's website.
Draft AML/CTF Rules exempting certain types of transactions relating to over-the-counter derivatives market 16 January 2008 AUSTRAC has issued Draft AML/CTF Rules with the purpose of exempting certain types of transactions relating to the 'over-the-counter' derivatives market. The exemption under items 33 and 35 of table 1 in section 6 of the AML the CTF Rules applies to the wholesale price of electricity, gas or renewable energy certificates in over-the-counter Australian derivatives market. The transaction must be between registered market participants under the National Electricity Rules who hold an Australian financial services licence, or act through an agent who holds such a licence.
Draft AML/CTF Rules relating to issuing or selling a security or derivative 16 January 2008 AUSTRAC has issued revised Draft AML/CTF Rules relating to item 35 of table 1 in section 6 of the AML/CTF Act. The Rules (version 2) provide that the following trading types are exempt from the operation of the AML/CTF Act:
For more information on anti-money laundering and counter-terrorism financing initiatives in Australia please see the chronology. 
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