AUSTRAC has released Public Legal Interpretation (PLI) 11 which covers electronic funds transfer instructions (EFTIs) and international funds transfer instructions (IFTIs), as detailed in the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
The AML/CTF Act requires:
- persons involved in an electronic funds transfer instruction to record, obtain, include and/or pass on specific information about an EFTI and, in certain circumstances, report this information to AUSTRAC
- a person who sends or receives an IFTI, transmitted into or out of Australia, to report specific information about the transaction to AUSTRAC.
The PLI sets out AUSTRAC’s views on the relevant EFTI and IFTI provisions of the AML/CTF Act, their application to particular scenarios (such as when funds transfer instructions are given using a debit or credit card), and when reporting to AUSTRAC is required.
This PLI does not cover instructions made under a designated remittance arrangement.