SDIA and AUSTRAC have been engaged in planning the second in this year’s series of seminars on the new AML/CTF requirements. 

 

The second seminar follows on from the successful roadshow delivered in June, and will focus on the up-coming changes to the legislation that are due to come into force on 12 December 2008, including:-

•       Ongoing customer due diligence
•       Requirement to have a transaction monitoring program
•       Changes to reporting obligations, including suspect matter reports, International Funds Transfer Instructions.
•       Members should look out for the invitations that will be sent out shortly.

 

AUSTRAC has advised that the processing of the mandatory Compliance Reports lodged in March is still under way, but they are not yet ready to announce details of any trends  or observations arising from the reports.

SDIA has been liaising with  the Attorney-General’s Department in relation to the planned brochure and business card, together with telephone hotline and email site, that A-G’s will make available in conjunction with the December 2008 changes.  These will be similar to those that were made available in December last year to assist the public to understand the major changes that came into force at that time.  Details as to how supplies of those brochures can be obtained  will be provided closer to the time.