June « 2008 « Australian Regulatory Compliance Review from Langes+ Lawyers

June 1, 2008

AML draft customer identification disclosure certificates

Austrac has released draft AML/CTF Rules for disclosure certificates (pdf) relevant to applicable customer identification procedures

The purpose of these draft AML/CTF Rules is to set out the required contents
for disclosure certificates, relevant to Part B of a standard, joint or
special AML/CTF program for companies, foreign companies, trusts, partnerships, associations and co-operatives. A disclosure certificate is considered to be reliable
and independent documentation for the purposes of verifying the identity
of a customer.

A public consultation period is open from 30 May 2008 to
13 June 2008.

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Posted 1st June 2008 by David Jacobson in Anti-money laundering

Managed investment schemes top 20 member notification changed

Corporations Amendment Regulations 2008 (No. 1)
has been introduced to remove the requirement for managed investment schemes to
notify the Australian Securities and Investments Commission (ASIC) of
their top 20 interest holders each year, as part of the annual review
process.

The public can still access information on scheme ownership through
scheme members’ registers that must be kept by all managed investment
schemes, in addition to ASX disclosures.

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Posted 1st June 2008 by David Jacobson in Financial Services

Service Entity Arrangements

The ATO has issued answers to Frequently Asked Questions on Service Entity Arrangements with special reference to medical practices.

This follows the end of the review period after the release of the Tax Office guide titled Your service entity arrangements NAT 13086 and TR 2006/2 in April 2006 relating to the tax deductibility of service fees paid to associated service entities which provide staff, clerical and administrative services, premises, plant and/or equipment.

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Posted 1st June 2008 by David Jacobson in Tax