AUSTRAC has released draft changes to Chapter 16 of the AML/CTF Rules which deals with the contents of reports relating to international funds transfer instructions transmitted out of Australia or transmitted into Australia.
UPDATE: On 15 September 2022, the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment (Chapter 16 Amendments) Instrument 2022 was registered.
AUSTRAC is proposing these amendments because the Society for Worldwide Interbank Financial Telecommunications (SWIFT) is migrating to the ISO20022 XML messaging format for cross-border payments from November 2022.
The proposed amendment to Chapter 16 provides that reports may contain additional information relating to the instruction submitted to AUSTRAC to facilitate international funds transfer instruction reports in the ISO20022 message format. The amendments will:
- list any additional information that may be present in ISO20022 message extracts;
- list information giving effect to the international funds transfer as required to complete the transfer; and
- expressly exclude Australian Tax File Numbers from a report under subsection 45(2) of the AML/CTF Act.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
