Consultation on proposed draft amendments to the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) (Cth) (AML/CTF Rules)
This submission is made by the Financial Services Committee of the Business Law Section and relates to draft amendments to the AML/CTF Rules released by the Australian Transaction Reports and Analysis Centre (AUSTRAC) for consultation on 11 March 2022 concerning:
(a) amendments to:
(i) Chapter 10 (Part 10.4 – Accounts for online gambling services);
(ii) Chapter 24 (Anti-Money Laundering and Counter-Terrorism Financing Rules for movements of physical currency into or out of Australia); and
(iii) Chapter 34 (Affixing of notices about cross-border movement reporting obligations);
(b) repeal of Chapters 25 (Anti-Money Laundering and Counter-Terrorism Financing Rules for receipts of physical currency from outside Australia) and 26 (Anti-Money Laundering and Counter-Terrorism Financing Rules for movements of bearer negotiable instruments into or out of Australia); and
(c) insertion of a new Chapter 81 (Financial Institutions – Exemption for applying for registration on the Digital Currency Exchange Register).
Last Updated on 14/04/2022
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