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ARTICLE · 01 APRIL 2022

KYC process changes and tipping off provision expansion – Amendments to the AML/CTF Rules

Sophie Grace Pty Ltd
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Reporting entities should review the AML/CTF Rules to ensure that their program and processes are up to date.

AustraliaFinance and Banking
Hannah Murray
Hannah Murray
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AUSTRAC approved amendments to the AML/CTF Rules in December 2021 which need to be reviewed by Reporting Entities to ensure their AML/CTF Program and processes are up to date.

These are:

  • Chapter 37A and 38 of the AML/CTF Act were updated to allow reporting entities to rely on customer identification procedures undertaken by reliable third parties on either an ongoing or case-by-case basis.
  • Chapter 79 in the AML/CTF Rules which allows a Reporting Entity to carry out applicable customer identification procedures ("ACIP") after opening an account, provided no transaction other than an initial deposit made at the time of the account opening is conducted in relation to the account.

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