Changes to AML/CTF customer identification rules

The Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2016 (No. 1) has been registered on the Federal Register of Legislation and is available here.

These Rules amend the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) in relation to customer identification, share sales for charitable purposes and update references within the Rules.

The changes relating to customer identification include amendments to the electronic safe harbour provisions and providing reporting entities with the discretion to collect identification information from sources other than the customer, or directly.