Updated Anti-Money Laundering Rules

The Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) have been updated.

The latest compilation of the AML/CTF Rules comprises 14 chapters.

They relate to a number of matters including:

  • ‘designated business group’ definition
  • correspondent banking
  • customer identification
  • AML/CTF programs
  • gambling services
  • AML/CTF compliance reports (reporting and lodgement periods)
  • electronic funds transfer instructions (involving use of a credit card)
  • ‘approved third-party bill payment system’ definition
  • certain monetary thresholds relating to specified items in tables 1 and 3.

Links to draft rules still being consulted on can be found here.

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