The Australian
Transaction Reports and Analysis Centre (AUSTRAC) has finalised a
series of AML/CTF Rules(pdf).
The Rules will commence at different times to match the staged implementation of the AML/CTF Act.
The Rules which will commence on 12 June 2007 relate to AML/CTF compliance reports (Part 3, Division 5), correspondent banking
(Part 8) and records about correspondent banking (Part 10, Division 6) of the AML/CTF Act.
The Rules which will commence on 12 December 2007 relate to identification procedures generally including for pre-commencement
customers and certain low-risk customers (Part 2 except for Division 6
which will commence on 13 December 2008),AML/CTF programs (Part 7),
records of identification procedures (Part 10, Division 3) and records
of AML/CTF programs (Part 10, Division 5).
