AML/CTF draft catches intermediaries
Australia’s anti-money laundering and counter-terrorism financing regulator AUSTRAC has released draft rules covering threshold transaction reports, which have implications for financial services intermediaries, including financial planners.
AUSTRAC acting chief executive Thomas Story said the draft rules included some important changes to reporting requirements on threshold transactions to incorporate information concerning agents of customers.
In the event that a financial planner, acting as an agent of a client, for any reason is involved in a transaction, then that person will not only have to provide comprehensive details relating to themselves and their business but also those of their client.
AUSTRAC will allow public responses to the draft revised rules by September 14.
Story pointed out that from December 12 reporting entities would have new anti-money laundering and counter-terrorism financing obligations and would have to lodge compliance reports with AUSTRAC by March 31, next year.
He said AUSTRAC’s priority was to assist industry with its obligations under the legislation by providing education and guidance materials.
AUTHOR
Mike Taylor
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