AUSTRAC has released for public consultation a draft indicative restructure of the existing Anti-Money Laundering and Counter-Terrorism Financing Rules.
This draft indicative restructure of the existing AML/CTF Rules compilation focuses on providing a ‘user-friendly’ format. The restructure does not make substantive changes to the text of the AML/CTF Rules, but comprises the first phase of substantive simplification. The outcomes of the consultation will inform the AML/CTF Rules simplification process.
It is AUSTRAC’s current view that the restructure will not proceed to registration until the AML/CTF Rules simplification process is completed.
The restructure:
• Groups like chapters together, for example, all the exemption chapters;
• Removes redundant and repetitive text;
• Clarifies and simplifies existing chapter titles, including providing titles where missing, for example, ‘Key Terms and Concepts’ for the former Chapter 1 and ‘Customer Identification’ for the former Chapter 4;
• Provides simplified outlines to aid reporting entities in understanding their obligations;
• Provides, for industry comment, possible repeal of current Chapter 44 and the provisions in the current Chapter 27 which relate to the Register of Providers of Designated Service Providers.
