Key Points:
Both Part A and Part B of AML/CTF Programs should now be
reviewed and updated.
On 1 June 2014, AUSTRAC's proposed additional customer due
diligence requirements will come into effect. These new
requirements were registered on 19 May and will form part of the
Anti-Money Laundering and Counter-Terrorism Financing Rules
Instrument 2007 (No 1) (AML/CTF Rules). Given the
fast-approaching start date, all reporting entities should now be
reviewing and updating their AML/CTF Programs to meet the new
requirements.
Background to the changes
In May 2013 the Australian Government released a discussion
paper "Consideration of possible enhancements to the
requirements for customer due diligence", seeking views on the
need for changes to Australia's anti-money laundering and
counter-terrorism financing (AML/CTF) customer due
diligence (CDD) regime to bring it into line with
the Financial Action Task Force's international standards.
