Austrac has released the following draft AML/CTF Rules for comment:

1. amending the definition of 'designated business group' to allow law and accounting practices
   subject to certain conditions, to form designated business groups.
2. relating to purchases and sales of bullion valued at less than $2,000 by exempting reporting entities from carrying out the applicable customer identification procedures for purchases or sales of bullion when the retail value of the transaction is less than $2,000 (Australian or foreign equivalent). .