Austrac has released 5 new draft rules and amendments for consultation:

• Draft AML/CTF Rules amending Chapter 4 (self-managed superannuation funds)
  These draft amendments amend Chapter 4 to ensure that reporting entities may no longer use the simplified trustee verification procedure in regard to self-managed super funds.
• Draft AML/CTF Rules amending Chapter 8
  These draft amendments to Chapter 8 require reporting entities to expressly state in their standard AML/CTF program what obligations they have under the AML/CTF Act, and to specify in broad terms the systems and controls which they have implemented in regard to those obligations. NOTE: This only applies to the obligations that apply to the reporting entity under sections 41, 43, 45 and 47 (updated 21 April).
• Draft AML/CTF Rules amending Chapter 9
  These draft amendments to Chapter 9 require reporting entities to expressly state in their joint AML/CTF program what obligations they have under the AML/CTF Act, and to specify in broad terms the systems and controls which they have implemented in regard to those obligations within a designated business group. NOTE: This only applies to the obligations that apply to the reporting entity under sections 41, 43, 45 and 47 (updated 21 April).
• Draft AML/CTF Rules relating to section 112 of the AML/CTF Act record keeping
  These draft AML/CTF Rules require that customer identification records be maintained by a reporting entity in a manner that is capable of being understood by an authorised officer and enable that officer to readily ascertain whether the reporting entity has complied with its obligations. This may include reporting entities storing such records in a manner that enables them to be retrieved in a timely manner for auditing by Austrac.
• Draft AML/CTF Rules relating to gaming machines
  These draft AML/CTF Rules provide a partial exemption from the operation of the AML/CTF Act for a reporting entity that has a total entitlement to operate 10 or less gaming machines within Australia, in respect to the item 5, 6, 9 and 10 designated services listed in table 3 of section 6(4) of the Act.