Callers posing as AUSTRAC employees

AUSTRAC has reported that there are currently individuals claiming to be AUSTRAC employees contacting reporting entities saying they are scheduled for an onsite assessment or desk review. These people have also tried to setup meetings with reporting entities.

Please note that AUSTRAC does not setup meetings or seek confidential information by telephone and such communications are always in writing. All AUSTRAC officers must produce photo identification before performing an onsite assessment.

If your organization is approached by anyone claiming to be an AUSTRAC officer attempting to schedule a meeting with you, please contact AUSTRAC on 1300 021 037 or (02) 9950 0827 as soon as possible. Please record as much information as possible about the caller (i.e. name, phone number, time of call, any identifying characteristics of the caller's voice and what they are trying to arrange).

Further information is available at AUSTRAC website.

New AML/CFT financing Rules Amendment

New AML/CFT financing Rules Amendment Instrument 2009 (No 5) have been set. These specify that the compliance reporting period for 2009 commences on 1 January 2009 and ends on 31 December 2009 and the Compliance Report 2009 (PDF) can be found on the AUSTRAC website. Compliance Reports must be lodged between 1 January and 31 March 2010.

The new Rules also provide a definition of "exempt legal practition service" for the purpose of items 46 and 47 of table 1 in section6 of the AML/CTF Act.

• Item 46 relates to providing a custodial or depository service in the course of carrying on a business where the service is not an exempt legal practitioner service.
• Item 47 relate to providing a safe deposit box in the course of carryong on a business where the service is not an exempt legal practitioner service.

In addition, the Rules make provision for matters relating to cashing out of low superannuation fund balances, commodity warehousing of grain and friendly society closed funds.