AML/CTF Rule changes May 2022

The Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2022 (No. 1) commenced on 30th April 2022. Background.

Digital currency exchange services exemption for financial institutions

The Instrument removes the requirement for financial institutions (including ADIs) to register on the Digital Currency Exchange Register from 1 May 2022. Chapter 81 will not exempt financial institutions from any other provision or obligation of the AML/CTF Act including reporting obligations and the requirement to be enrolled on the Reporting Entities Roll.

Online Wagering

The amendment to Chapter 10 takes effect on 2 May 2022. Reporting entities that commence providing online gambling services to a customer on or after that date will be required to carry out the applicable customer identification procedure within 72 hours of opening the account in the name of the customer.

When a reporting entity commenced providing online gambling services to a customer before that date, the reporting entity is required to carry out the applicable customer identification procedure in relation to online gambling accounts within 14 days.

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David Jacobson

Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.

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