AUSTRAC has released 2 sets of draft amendments to the AML/CTF rules:

Chapter 23
These draft amendments to Chapter 23 specify that persons who carry out a ‘law practice’ or an ‘accounting practice’ are ‘non-financiers’ as defined in section 5 of the AML/CTF Act and are not carrying out a designated remittance arrangement.

A public consultation period is open from Tuesday 18 October to Tuesday 15 November 2011.

Chapter 28
These amendments to Chapter 28 make it clear that the exemption from conducting the applicable customer identification procedures on assignment, conveyance, sale or transfer of businesses contained in Chapter 28 in certain circumstances, also applies to voluntary transfers of business undertaken pursuant to the Financial Sector (Business Transfer and Group Restructure) Act 1999.

A public consultation period is open from Tuesday 18 October to Tuesday 15 November 2011.