AUSTRAC has published an updated AML/CTF compliance guide.
The Guide outlines and explains the obligations under the AML/CTF Act, Rules and regulations and gives examples on how they operate. But it is not a replacement for the AML/CTF Act, Rules and regulations.
The Guide covers:
- Designated services
- Designated business groups
- Enrolment requirements
- Remitter registration requirements
- AML/CTF programs
- AML/CTF reporting obligations
- AML/CTF record-keeping obligations
- Exemptions from obligations under the AML/CTF Act
- Financial Transaction Reports Act.
It also contains a ready reckoner which outlines the minimum identification information reporting entities must collect and verify for low-risk customers of the various customer types.
