The Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2012 (No 5) was registered on the Federal Register of Legislative Instruments Thur 20.12.2012. It amends the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No 1) to amend Chapters 11 and 41 of the AML/CTF Rules.
- Chapter 11 of the AML/CTF Rules sets out the reporting periods for compliance reports and the lodgment periods during which compliance reports must be submitted.
- Chapter 41 of the AML/CTF Rules exempts providers of item 43(a) designated services (cashing of superannuation interests) from conducting the applicable customer identification procedure (ACIP) on customers when cashing out low balance superannuation accounts. The amendments to Chapter 41 add a new exemption which relates to the Departing Australia Superannuation Payment (DASP). AUSTRAC considers that undertaking the ACIP in regard to such payments is an unnecessary financial and administrative burden on reporting entities.
[LTN 247, 20/12]