Austrac has published draft amendments to Chapter 41 of the AML/CTF Rules relating to the cashing out of low balance superannuation accounts for consultation.

The draft amendments extend the relief in the chapter to include the Departing Australia Superannuation Payment (DASP). Under DASP, temporary residents who leave Australia are entitled to cash out their superannuation benefits once they leave Australia. The draft amendments exempt reporting entities from undertaking customer identification on such persons, subject to certain conditions including:

• the value of the interest is not greater than $5,000; and
• no additional contributions are accepted from the member in relation to the member’s interest in the superannuation fund, ADF or RSA; and
• the whole of the interest of the member in the superannuation fund, ADF or RSA is cashed out; and
• the account in which the interest of the member was held, is closed as soon as practicable after the cashing out of that interest.