On 1 June 2014 proposed changes to the Anti-Money
Laundering and Counter-Terrorism Financing) Rules (AML/CTF Rules)
will commence operation. These Rules are made pursuant to the
Anti-Money Laundering and Counter-Terrorism Financing Act 2006
(Cth).
These changes are the culmination of a consultation process
conducted following the release of the discussion paper, '
Consideration of Possible Enhancements to the Requirements for Customer
Due Diligence', released in May 2013.
The international regulatory body, Financial Action Task Force
(FATF) has long been critical of Australia's anti-money
laundering regime not meeting international standards for customer
due diligence, particularly in relation to corporate customers and
politically exposed persons (PEP's).
