Austrac has released 2 new draft Rules for public consultation until 18 September 2009:

• Friendly society closed funds: These draft AML/CTF Rules exempt from the AML/CTF Act, reporting entities who provide item 37 (issuing a life policy), item 38 (accepting a premium in relation to a policy) and item 39 (making a payment to a person under a policy) designated services, where they relate to approved benefit funds which are closed to new members and to which new policies cannot be written.
• Commodity warehousing of grain: These draft AML/CTF Rules exempt from the AML/CTF Act, reporting entities who provide item 6 (making a loan) and item 7 (allowing a transaction on a loan) designated services, where they relate to the storing of grain for the purposes of a grain pool.