AML/CTF Amendment Act 2024 – New definitions applicable from 7th January 2025. As of 7th January, 2025 there are new definitions for: Credit Card Debit Card Derivative Issue Loan Money Qualified Accountant Security Credit card Credit card is a thing (whether real or virtual) that is one or more of the following: (a) a thing […]
AML/CTF Amendment Act 2024 – New definitions from 7th January 2025. Read More »
AML/CTF Amendment Act 2024 – Privacy Act, 1988 applies to Tranche 2 entities – no more small business exemption. “Modernisation & Simplification” (cough). ALL reporting entities under the AML Act, yes all, are subject to the Privacy Act, 1988. The small business exemption DOES NOT APPLY to a reporting entity under the AML Act. The
AML/CTF Amendment Act 2024 – Privacy Act, 1988 applies to Tranche 2 entities Read More »
AML/CTF Amendment Act 2024 -Exposure Rules – Initial CDD – Legal or official documentation “Modernisation & Simplification” (cough). Draft Rule 27 – Additional matters for initial customer due diligence – will require a reporting entity “to establish on reasonable grounds the following”: “For any customer other than an individual acting on their own behalf or
AML/CTF Amendment Act 2024 – Proliferation Financing & The Exception A quick look at Section 26F(11) – An Exception, or is it? Section 26F(11) states: Exception 26F (11) Despite subsection (1) (AML/CTF Policies), a reporting entity is not required to develop or maintain policies, procedures, systems and controls that specifically deal with the risk of
AML/CTF Amendment Act 2024 – Proliferation Financing & The Exception Read More »
AML/CTF Amendment Act 2024 “Modernisation & Simplification” (cough). The AGD has published the government response to the Senate Legal and Constitutional Affairs Legislation Committee report on the AML/CTF Amendment Bill 2024 Yes, a response to a bill that is already in force. Leaving that aside, the response makes interesting reading. It’s mostly self-serving, as you’d
AML/CTF Amendment Act 2024 – Starter AML-CTF Programs Read More »
AML/CTF Amendment Act 2024 – No Statutory Review “Modernisation & Simplification” (cough). Due to the lack of an exposure draft of the AML/CTF Amendment Bill, 2024, which would have allowed proper scrutiny, the proverbial dogs in the street know that the AML/CTF Amendment Act 2024 has many flaws. Nothwithstanding what the Government says, the Act
AML/CTF Amendment Act 2024 – No Statutory Review Read More »
AML/CTF Amendment Act 2024 – Proliferation Financing What do you think it means? If you were assessing your organisation’s reasonable proliferation financing risk, how would you define proliferation financing? Be warned! The definition of proliferation financing contained in the Australian AML/CTF Amendment Bill is a whole lot broader than what you might think. It is
AML/CTF Amendment Act 2024 – Proliferation Financing Read More »
AML/CTF Amendment Act 2024 – Consultation on Draft Rules More “modernisation & simplification” (cough). Scalability of Outcomes – The consultation paper at page 8 states: “The outcomes-based approach to the new General Rules, which avoids prescribing processes reporting entities must carry out, also supports the rules to be flexible and scalable to the diverse regulated
AML/CTF Amendment Act 2024 – Consultation on Draft Rules Read More »
AML/CTF Amendment Act. 2024 – Infringement Notices More “modernisation & simplification” (cough). Does the punishment fit the crime? From 31st March, 2026 the new list of desingated infringement notices will be effective. The list at section 184 is long and can / will trip up even the most fastidious reporting entity or compliance team (aren’t
AML/CTF Amendment Act 2024 – Infringement Notices Read More »