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Proposal to legislate and reform Chapter 75 Exemptions (December 2021)

14 June 2023

14 June 2023 The ABA responds to the Department of Home Affairs and AUSTRAC on a consultation proposing to legislate and reform section 75 of the Anti-Money Laundering and Counter-Terrorism Financing Rules 2007.

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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.

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Phase 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.

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ASIC 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.

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Economy-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.

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Australian 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.

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The 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.

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The 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.

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The 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.

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The 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.

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