wmlro.com: AUS amends AML/CTF Act
The Commonwealth Parliament recently passed the >Crimes Legislation Amendment (Serious and Organised Crime) Act (No. 2) 2010(the Act). And AUSTRAC warns compliance reports are due soon.
The Act amends, amongst other legislation, certain provisions of the AML/CTF Act. The amendments relate to:
* the definitions of ‘stored value card’ and ‘designated remittance arrangements’
* designated services associated with stored value cards and designated remittance arrangements
* the application of the tipping-off offence
* the timeframe in which reports of bearer negotiable instruments must be given.
AUSTRAC is warning that compliance reports are due before the end of March.
Deadline approaching for compliance reports
Compliance reports for 2009 must be lodged before 31 March 2010.
Lodging a compliance report is a legislative requirement under the Anti-Money Laundering and Counter-Terrorism Financing Rules.
The compliance report asks you to answer questions relating to four broad topics:
* AML/CTF programs – Part A
* AML/CTF programs – Part B
* reporting requirements
* correspondent banking relationships and electronic funds transfer instructions (if applicable).
Source: AUSTRAC
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