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.