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ASFA welcomes tighter AML-CTF rules
A move by Austrac to tighten up the identification procedures within the Draft Anti-Money Laundering and Counter-Terrorism Financing Rules has been welcomed by the Association of Superannuation Funds of Australia (ASFA).
In a submission commenting on Austrac’s proposed changes, ASFA said it strongly supported the general concept.
It said the changes represented “a significant broadening of the rules proposed in the earlier Draft Anti-Money Laundering and Counter-Terrorism Financing rules relating to customer identification procedures in certain circumstances such as takeovers, schemes of arrangement, business disposals and business assignments”.
The ASFA submission said it had noted that the new rule was consistent with but extended the earlier proposal, which was limited to corporations undertaking company reorganisations.
“The new draft rules extend the concession to transactions with a similar commercial and economic effect to those achieved under company reorganisations,” it said.
ASFA said the changes had addressed concerns about Austrac’s earlier draft.
AUTHOR
Mike Taylor
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