AUSTRAC is proposing further amendments to Chapter 15 and Chapter 16 of the AML/CTF Rules.

Chapter 15 has been further revised to include a definition of ‘ultimate beneficial ownership’ and incorporate an amendment to 15.10(6).

The draft amendments to Chapter 16 will require that reporting entities must provide contact details in regard to the person making the report of international funds transfer instructions.

A public consultation period is open until Friday 28 January 2011.