Austrac has released draft changes to the AML/CTF rules requiring that banks, building societies and credit unions which offer their customers the ability to undertake or receive international remittance transfers through the Western Union account-based money transfer (ABMT) system to report the transactions to AUSTRAC.

The Western Union account-based money transfer (ABMT) system enables authorised deposit-taking institutions (ADIs), which are principally small banks, building societies and credit unions, to offer their customers the ability to undertake or receive remittance transfers through the Western Union platform. This includes transactions involving internet, over-the-counter or telephone banking. Through the ABMT service the ADI customer is able to use their account as the source or destination of funds transferred between Australia and overseas.

These draft AML/CTF Rules specify foreign Western Union agents as ordering institutions (for instructions transmitted into Australia) and beneficiary institutions (for instructions transmitted out of Australia).