Draft AML/CTF Rules Consultation – Chapter 79,80,21 and 48
3 September 2021
The ABA supports recently enacted legislative changes to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) that require reporting entities to verify their customers’ identity before providing designated services. The ABA also supports the provision for special circumstances that justify carrying out applicable customer identification procedures (ACIP) after the commencement of a designated service. While generally in support of this Chapter, the ABA seeks additional clarity over the scope of the proposed special circumstances, particularly in relation to opening an account and the initial deposit. We also support broader changes proposed to Chapters 21 and 48 of the rules. The submission puts forward a proposal regarding Chapter 80 on the basis that there may be unintended consequences with the current drafting, such as exempting a broader range of activities.
Download PDFPhase 1.5 AML/CTF Rules and Guidance
8 June 2021
The ABA strongly supports the objectives of the AML/CTF regime. It also strongly supports that the obligations be simplified, streamlined and clarified, and the regulatory burden reduced where possible. While we are supportive of these amendments overall, the ABA seeks clarification on aspects of the draft Rules and Guidance.
Download PDFASIC Enforcement Review Taskforce
11 October 2019
The ABA supports stronger powers for ASIC and a strengthening of the regulatory framework for financial services and corporations laws generally as recommended by the ASICERT.
Download PDFEconomy-wide Cash Payment Limit
12 August 2019
The Australian Banking Association (ABA) supports the Government’s introduction of an economy-wide cash payment limit to businesses for goods and services. Having a taxation system that is robust and one that meets community expectations is vital and we recognise the importance of this initiative to the integrity of our tax system.
Download PDFAustralian Law Reform Commission Corporate Crime Inquiry
17 May 2019
It is important that any consideration of the liability of individuals for corporate misconduct take account of the various avenues pursuant to which individuals might be personally liable for corporate misconduct under the law as it stands.
Download PDFThe Australian Bankers’ Association’s submission on AUSTRAC’s Industry Contribution 2017-18
23 June 2017
The ABA provided AUSTRAC with comments on its consultation paper - Industry Contribution 2017-18.
Download PDFThe Australian Bankers’ Association submission on the Proposed AML/CTF Rules amendments
23 May 2017
The ABA provided AUSTRAC with comments regarding the proposed AML/CTF Rules amendments resulting from the Review of the AML/CTF Act.
Download PDFThe Australian Bankers’ Association submission on Increasing transparency of the beneficial ownership of companies.
20 March 2017
The ABA lodged a submission with Treasury on Increasing transparency of the beneficial ownership of companies.
Download PDFThe Australian Bankers’ Association submission on Enhancing Australia’s AML/CTF regime.
15 February 2017
The ABA provided the Attorney-General's Department with comments on Enhancing Australia's AML/CTF regime: Phase 1 amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
Download PDFThe Australian Bankers’ Association submission on Options for regulating lawyers, conveyancers etc.
27 January 2017
The ABA provided the AGD with comments on the industry consultation: Options for regulating lawyers, conveyancers, accountants, high-value dealers, real estate agents and trust and company service providers.
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