Updates to the AUSTRAC Compliance guide

This page lists updates made to the AUSTRAC Compliance guide since its publication in
September 2014

Date Page/section Description

November 2014

How does a reporting entity identify the beneficial owner of a customer?

Minor changes to two examples in Chapter 6 (AML/CTF programs), which relate to the requirements for identifying the beneficial owner of a company and identifying the beneficial owner of a trust

December 2014 

Remitter registration requirements

Glossary: 'Key personnel'

Minor updates to Chapter 5 (Remitter registration requirements) and the Glossary to include information about the remitter registration obligations, specifically the definition of 'key personnel'.

16 April 2015

The Document Verification Service and individual customer and beneficial owner identification

Extensive new guidance on the Document Verification Service incorporated into Chapter 6 (AML/CTF programs).

16 October 2015

Exemptions specified by the AML/CTF Act

Correction to Table 1 in Chapter 9 (Exemptions from obligations under the AML/CTF Act).

Correction made to clarify that the exemption from identification and ongoing customer due diligence obligations for the item 40, 42 and 44 designated services does not include an exemption from the ongoing customer due diligence (OCDD) obligations (under Division 6 of the AML/CTF Act).

25 November 2015

Politically exposed persons

Key terms used in the AML/CTF Rules definition of PEPs

Extensive new guidance included in Chapter 6 (Customer due diligence procedures) on key terms used in the 'politically exposed person' definition, covering:

  • the meaning of the term 'as soon as practicable' (see the section titled What are the requirements for PEPs?)
  • the meaning of a number of key terms used in the AML/CTF Rules, such as 'prominent public position or function' and 'senior government official'
  • the interaction between the PEP obligations imposed by the AML/CTF Rules and those imposed by other legislation (such as superannuation legislation)
  • reporting entity use of external databases to determine whether a customer or beneficial owner is a PEP (see the section titled What are the requirements for PEPs?)
  • the meaning of the term 'sensitive information'.

16 March 2016

Remittance Network Providers applying for the renewal of an affiliate's registration

New guidance added to Chapter 5 (Remitter registration requirements) showing the step-by-step process for RNPs seeking to apply to AUSTRAC to renew the registration of their affiliates.

18 May 2016

Special circumstance and exemptions that apply for CDD obligations

Correction to Table 2 within Chapter 6 (AML/CTF programs).

Correction made to clarify that the exemption from identification and ongoing customer due diligence obligations for the item 40, 42 and 44 designated services does not include an exemption from the ongoing customer due diligence (OCDD) obligations (under Division 6 of the AML/CTF Act).

28 June 2016

What are the exceptions to the beneficial ownership obligations?

A note has been added to Chapter 6 (Customer due diligence procedures) to clarify the application of the exceptions to the beneficial ownership obligations. 

28 June 2016

What types of remittance services are required to be registered with AUSTRAC?

A text box has been added to Chapter 5 (Remitter registration requirements) to clarify the obligations of reporting entities where they provide remittance services that are incidental to their core business.

30 June 2016

Identification of persons of Aboriginal and/or Torres Strait Islander heritage

Guidance has been added into Chapter 6 (AML/CTF programs) which clarifies the requirement to refer to “reliable and independent documentation” when conducting customer identification.  For a variety of reasons, some people may not have access to conventional identification documents. 

3 November 2016

Safe harbour procedures for individuals with a medium or lower ML/TF risk

Customer identification and verification ‘Ready reckoner’ 

Guidance within Chapter 6 (AML/CTF programs) and the Ready reckoner has been updated to provide clarity for on the ‘safe harbour’ customer identification and verification procedures for individual customers, including requirements around a customer’s ‘full name’.

3 November 2016

Glossary – ‘Certified copy’ Glossary entry for ‘certified’ copy’ has been updated to include ‘Australian Consular Officer’ and ‘Australian Diplomatic Officer’ as persons who can certify a copy of an original document. 

14 November 2016

Reporting methods Update to the note regarding access to AUSTRAC XML file format schemas and specifications documents.

16 November 2016

Exemptions from the requirement to be registered on the Remittance Sector Register Minor updates to Chapter 5 Remitter registration requirements to provide additional guidance on the scope and application of the exemption. 

16 November 2016

Scenarios of common international funds transfers conducted by casino licence holders  Additional guidance has been added to Chapter 7 – AML/CTF reporting obligations in relation to the international funds transfer instruction obligations. The guidance provides six examples of the common types of international funds transfers conducted by licensed casinos that are required to be reported to AUSTRAC. 
Last modified: 16/11/2016 12:22