On 10 June 2015, AUSTRAC released a set of draft amendments1 to Chapter 4 of the Anti-Money Laundering and Counter-Terrorism Financing Rules.
The proposed amendments broadly relate to the reporting entities’ customer due diligence obligations by:
- aligning existing electronic safe harbour provisions for beneficial owners with existing electronic safe harbour provisions,
- no longer requiring reliable, independent source documents, data or information verifying the customer’s identity to be sourced from the customer (i.e. KYC documents can be sourced from a public register), and
- extending customer identification exemptions to include beneficial owners and politically exposed persons.
Submissions on the draft amendments are due by 8 July 2015.
This article is part of a series on Global Money and Payment Services Privacy and Security Issues.
- Draft AML/CTF Rules.