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| RSA Holder Info |
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AUSTRAC* has made draft Rules applicable to RSAs* only – not super funds – which effectively provide an extension of time to carry out a customer identification procedure.
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| Suspicious matter reporting |
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Subtitle
by: Author
AUSTRAC* has finalised AML/CTF* Rules specifying the details to be reported to AUSTRAC* where a suspicious matter arises.
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New Law - Legislation, Regulations & Rules
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AML/CTF
Impact - These Rules in this section will all be considered as part of Citistreet’s AML/CTF* project.
[Note – in addition to the Rules in this section, AUSTRAC* also amended rules for record-keeping within designated business groups, and specified the reportable details for international funds transfer instructions under a designated remittance arrangement. These Rules will not apply to Citistreet or its clients. Click here for these Rules: Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2007 (No. 4).] |
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Threshold transaction reporting
From 12 December 2008, reporting entities* will be required to report details of ‘threshold transactions’ to AUSTRAC*. These are transaction involving a designated service* with a value of $10,000 or more, in physical currency or e-currency – the definition does not catch transactions which occur by cheque.
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Applying the Law - News from the Regulators
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APRA - Prudential Regulation
APRA* has provided relief to allow funds and trustees to immediately display their ABNs* in communication materials instead of their RSE* registration or licence number – rather than waiting until September 2008.
The SIS laws* require a fund trustee to disclose its RSE* licence number in documents which identify itself as a trustee, and display the RSE* registration number in documents relating to the fund. APRA* exempted a number of individual RSE* licensees from these requirements, however these exemptions lapsed on 31 December 2007.
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Other News & Views from the Industry
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Early Release of Super to Prevent Mortgage Foreclosure
The report acknowledges that accessing super to meet mortgage arrears can be highly beneficial where a consumer is experiencing short-term financial hardship, but will be able to meet home loan repayments. However, where a loan is likely to fail because it is unaffordable, using super to cover arrears merely delays the inevitable and can also undermine the borrower’s future financial security.
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