Austrac has amended previously issued draft Rules and reissued them for a further period of consultation until 30 January 2009:

Draft AML/CTF Rules setting special circumstances for the applicable customer
identification procedure

These draft AML/CTF Rules provide that in specified circumstances a reporting entity may carry out the applicable customer identification procedure after commencing to provide certain designated services to a customer.

Draft AML/CTF Rules amending Chapter 1 of the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1)

These draft AML/CTF Rules insert a definition of ‘accredited translator’ into Chapter 1 (Key terms and concepts) of the Anti-Money Laundering and
Counter-Terrorism Financing Rules Instrument 2007 (No. 1).

Draft AML/CTF Rules relating to applicable customer identification procedures
in certain circumstances – assignment, conveyance, sale or transfer of businesses

These draft AML/CTF Rules relate to customer identification procedures in certain circumstances relating to reporting entities involved in the assignment, conveyance, sale or transfer of businesses.

Draft AML/CTF Rules relating to premium funding loans for a general insurance policy

These draft AML/CTF Rules relate to insurance premium funding for general insurance, which involves a loan to a customer to buy insurance from an insurer, where the lender and the insurer are not the same entity. Reporting entities that provide insurance premium funding for general insurance are exempt from performing the applicable customer identification procedure under section 32 of the AML/CTF Act as a result of these Rules, unless the loan is cashed out or redeemed before the expiration of the term of the loan.