AUSTRAC has released 2 sets of draft rule changes for consultation:

• Draft amendments to Chapter 11 will exempt reporting entities which only provide a designated remittance service from the requirement to lodge a compliance report for 2011 as they recently completed registration requirements. A public consultation period is open from 22 November to 6 December 2011.
• Draft AML/CTF Rules exempting financial institutions from the applicable customer identification procedure in certain circumstances . The amendments reduce the regulatory burden on reporting entities which are required to conduct the ACIP on multiple signatories to an account before the designated service can provided, when the signatories on a corporate account may run into the hundreds.
  The draft AML/CTF Rules apply to the following:
  (a) a reporting entity which holds an Australian Financial Services Licence;
  (b) a domestic listed public company;
  (c) a majority owned subsidiary of a domestic listed public company; or
  (d) an Australian government body.
  A public consultation period is open from 22 November to 20 December 2011.