Regulation: AUSTRAC sets dates for 2009 compliance reports
On 26 November 2009, the AUSTRAC CEO signed the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2009 (No.5), which will shortly be registered with the Federal Register of Legislative Instruments and become law.
This instrument specifies the reporting period for the 2009 compliance report as being from 1 January 2009 to 31 December 2009. The lodgement period will remain at three months, with reporting entities required to lodge their 2009 compliance reports between 1 January 2010 and 31 March 2010.
The instrument also specifies the definition of 'exempt legal practitioner service' which is relevant to items 46 and 47 of table 1 of section 6(2) of the AML/CTF Act. Item 46 relates to the 'providing of a custodial or depository service', while item 47 relates to 'providing a safe deposit box, or similar facility'. The AML/CTF Rules exempt activities undertaken by legal practitioners under items 46 and 47 but only in the course of legal practice.
Additionally, the instrument provides exemptions from:
* identification procedures for certain reporting entities providing designated services relevant to the cashing out of low balance superannuation accounts
* the AML/CTF Act as a whole, for certain reporting entities providing designated services relating to the commodity warehousing of grain and friendly society closed funds.
Once registered, this instrument will be uploaded to the AUSTRAC website.
Source: AUSTRAC
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