Updated draft AML/CTF Rules
The Australian Transaction Reports and Analysis Centre's (AUSTRAC) second public consultation on the new AML/CTF Rules is now open for submissions. The updated draft AML/CTF Rules address feedback AUSTRAC received in the first round of consultation including: broadening the range of circumstances where a delay in initial customer due diligence is allowed clarity in forming reporting groups and determining the lead entity the travel rule, that is, the requirement for informati
Changes to customer due diligence requirements under the Second Exposure Draft AML/CTF Rules
Changes arising in the Second Exposure Draft AML/CTF Rules (ED2 Rules) include changes to customer due diligence including some relaxation on the timing of due diligence involving low risk trusts and deemed compliance in mergers and acquisitions. Substantial updates to the ED2 Rules include: The requirement for collection and verification of place of birth for individuals has been removed. Delayed verification for reporting entities for designated services in relation to bene
ASDEFCON Updates
“Defence procurement must change to meet the strategic circumstances outlined in the DSR and to ensure Australia reaps the full benefits of the opportunities presented by the construction of Australia’s nuclear powered submarines (SSN-AUKUS). We will simplify Defence’s approach to contracting, increase its risk appetite, and shorten the time it takes to receive project and contract approvals, to deliver capability at speed while maintaining appropriate levels of governance” D
