AML/CFT: Australia issues draft rules for EFT
Draft rules regulated electronic funds transfers and place certain transfers under a different Chapter of the Rules.
AUSTRAC statement:
These draft AML/CTF Rules include Travelex and KEBA under the 'ordering', 'beneficiary' and 'financial institution' definitions of the AML/CTF Act and also specify them as not being a 'non-financier' under that definition. The effect of these AML/CTF Rules is to regulate international funds transfer instructions (IFTIs) processed by Travelex and KEBA as electronic funds transfer instructions. As a result, both Travelex and KEBA will report IFTIs under Chapter 16 of the AML/CTF Rules rather than Chapter 17. A public consultation period is open from Thursday 17 February to Friday 18 March 2011.
Document: http://www.austrac.gov.au/files/draft_rules_eft_travelex_keba_feb2011.pdf
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