The Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2015 (No. 2) has amended and extended the AML/CTF Rules relating to customer identification exemptions.
This Instrument adds a new Part 4.14 to Chapter 4 to extend the application of the existing exemptions relating to customer identification to the provisions for beneficial owners and politically exposed persons (“PEPs”). This prevents the situation whereby reporting entities are exempt from identifying and verifying customers, but still need to identify and verify beneficial owners and PEPs.
The exemptions relating to financial services are as follows:
Chapter 28 – Applicable customer identification procedures in certain circumstances – assignment, conveyance, sale or transfer of businesses
Chapter 50 – Exemption from applicable customer identification procedure in certain circumstances
Paragraph 14.4 in Chapter 14 – Thresholds for certain designated services
Chapter 66 – Applicable customer identification procedures in certain circumstances – compulsory partial or total transfer of business made under the Financial Sector (Business Transfer and Group Restructure) Act 1999
Subsection 39(6)
Chapter 35 – Exemption from applicable customer identification procedures for correspondent banking relationships
Chapter 39 – Exemption from applicable customer identification procedures – premium funding loans for a general insurance policy
Chapter 45 – Debt collection
Paragraph 14.2 in Chapter 14 – Thresholds for certain designated services
Paragraph 14.3 in Chapter 14 – Thresholds for certain designated services
Chapter 38 – Exemption from applicable customer identification procedures for the sale of shares for charitable purposes
Chapter 49 – International Uniform Give-Up Agreements
Chapter 67 -Warrants
Part 41.2 in Chapter 41 – Exemption from applicable customer identification procedures – cashing out of low value superannuation funds and for the Departing Australia Superannuation Payment
Part 41.3 in Chapter 41 – Exemption from applicable customer identification procedures – cashing out of low value superannuation funds and for the Departing Australia Superannuation Payment
Contact me if you want advice on whether you can more efficiently comply with the AML/CTF Act.
