Draft revised AML/CTF rules and penalty policy principles issued

Austrac has issued draft revised AML/CTF rules for comment.

These draft AML/CTF Rules set out specific requirements on matters such
as customer identification, ongoing customer due diligence, reporting
of suspicious matters and AML/CTF programs.

Austrac has also published the  Policy (Civil Penalty Orders) Principles 2006 .

The principles indicate that there will be a 15 month moratorium on enforcement of the Act provided the offender has taken
reasonable steps to comply with the provision.

In determining whether a reporting entity has failed to take
reasonable steps to comply with a civil penalty provision, the AUSTRAC
CEO must have regard to all relevant matters, including:

(a) whether the entity has previously failed to take such steps; and

(b) any steps that the entity has taken to comply with its obligations under the Act; and

(c) whether the entity complied with any obligations it may have had under the Financial Transaction Reports Act 1988; and

(d) any discussions and agreements that the reporting entity has had with staff of AUSTRAC; and

(e) any explanation given by the reporting entity to AUSTRAC.

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