The purpose of this consultation paper is to seek stakeholder views on possible enhancements to Australia's anti-money laundering and counter-terrorism financing (AML/CTF) customer due diligence (CDD) regime.
In particular, the Australian Government invites industry and other stakeholders to make submissions detailing their views concerning:
- current business practices, including if and how the international standards are already being met through use of these practices
- possible additional measures which may be required in order to meet the international standards
- possible measures to simplify CDD obligations
- estimated costs associated with compliance with the standards
- estimated benefits of compliance with the standards.
The government is especially interested in hearing industry stakeholder views on current practices. Respondents should also feel free to raise any issues they see as relevant.
If you would like to make a submission, please send it:
By email to:
By facsimile to:
02 9950 0054, or
By mail to:
Discussion Paper—Customer Due Diligence Reform
Legal and Policy Branch
PO Box 5516
West Chatswood NSW 1515
Electronic submissions are preferred where possible.
Submissions closed on 30 September 2013.
All submissions, and the names of persons or organisations who make a submission, will be treated as public and may be published on the Attorney-General's Department (AGD) and AUSTRAC's websites, unless the author clearly indicates to the contrary. A request made under the Freedom of Information Act 1982 for access to a submission marked confidential will be determined in accordance with that Act.
All submissions will be reviewed by AGD and AUSTRAC.