Regulation: AUSTRAC clarifies agency issues under AML/CFT Act
AUSTRAC’s PLI No. 10 seeks to clarify issues relating to the application of the principles of agency under the AML/CTF Act.
The PLI deals with:
* the meaning of common law principles of agency
* the principles of agency in section 37 of the AML/CTF Act for the purposes of customer identification
* section 89 of the AML/CTF Act and Part 4.11 of the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1) relating to identification of an agent of a customer who receives designated services from a reporting entity
* the definition in section 21 of the AML/CTF Act of 'permanent establishment' of a person as a place at or through which the person carries on any activities or business including a place where the person carries on activities or business through an agent
* reporting obligations and principles of agency
* the application of principles of agency more broadly under the AML/CTF Act.
PLI No. 6 ‘Suspicious matter and suspect transaction reports’, which was originally published on 26 September 2008, has also been re-published to reflect AUSTRAC’s views on the principles of agency as they affect the reporting of suspicious matter reports.
Source: AUSTRAC
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