This page lists updates made to the AUSTRAC Compliance guide since its publication in
September 2014
| Date | Page/section | Description |
|---|---|---|
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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 |
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December 2014 |
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'. |
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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). |
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16 October 2015 |
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). |
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25 November 2015 |
Extensive new guidance included in Chapter 6 (Customer due diligence procedures) on key terms used in the 'politically exposed person' definition, covering:
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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. |
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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). |
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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. |
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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. |
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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 |
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’. |
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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. |
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14 November 2016 |
Reporting methods | Update to the note regarding access to AUSTRAC XML file format schemas and specifications documents. |
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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. |
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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. |
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22 May 2017 |
Identifying customers who do not have conventional forms of identification (including customers of Aboriginal and/or Torres Strait Islander heritage) | Provides clarity on the application of risk-based approaches to identifying categories of customers who do not have conventional forms of ID. The guidance issued on 30 June 2016 in relation to customers of Aboriginal and/or Torres Strait Islander heritage may also be applied to other categories of customers e.g. a person who has resettled in Australia as a refugee. |
| 22 May 2017 | Does the identification information collected and verified need to be in the English language? | Clarifies AUSTRAC’s expectations with respect to the translation of customer identification information that is not in the English language. |