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Issue 547, 17 September 2014 

In this issue: 


AUSTRAC consultation: use of DVS for customer identity verification 

AUSTRAC has released for public consultation Draft guidance note 14/02 regarding the use of the Document Verification Service (DVS) for individual customer and beneficial owner identification. 

The purpose of AUSTRAC’s guidance note is to assist reporting entities, including trustees of superannuation funds, in understanding how the DVS can be used to identify and verify individual customer and beneficial owner identities under the Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF Act). 

AUSTRAC is seeking comments on the draft guidance note by Wednesday, 1 October 2014. 

If you have any feedback on issues you would like ASFA to consider including in our submission, please provide your comments to Jon Echevarria by Wednesday, 24 September 2014. 

AUSTRAC is also looking for the industry to provide, if possible, an estimate of any savings that may result from use of the DVS. Any feedback you can provide in this regard would therefore be appreciated. 


SuperStream: upcoming ATO activity 

Accelerated induction process for funds
The ATO is currently finalising a process by which funds can go through a shortened induction process. 

ASFA understands that, on 1 October, the ATO will be writing to all trustees who are not part of the current induction arrangements with a view to setting out the arrangements for inductions after 3 November. 

It is anticipated that the process, which will focus on validating the fund’s capability to receive and process SuperStream compliant messages, will run throughout November. After successfully completing the ATO-designated cross-certification activities, the ATO will update the Fund Validation Service indicating that the fund is able to accept SuperStream-compliant contribution transactions. 

Contributions data pass through
Treasury has advised ASFA that a further draft of the pass through regulations will be prepared and released for a short consultation period. A further draft is required to overcome technical deficiencies in the current draft. The obligation to pass through a default employers choice contributions will apply from 1 July 2015. Timing of the consultation is currently unknown. 

Small Business Superannuation Clearing House<
The ATO has advised ASFA of its intention to commence sending SuperStream-compliant messages from the Small Business Superannuation Clearing House (SBSCH) from late November 2014. To implement the new arrangements, the ATO will be changing the current SBSCH terms and conditions of use. This will necessitate fund trustees entering into a new agreement with the SBSCH to access the SuperStream compliant messages. 

While the ATO will be fully SuperStream-compliant, they intend using the ebMS3.0/AS4 Advanced Level Profile combined with AUSKEY. The ATO will not be using the gateway profile. Fund trustees will need to consider whether to receive these transactions directly or assign the task to a service provider. 

ASFA will be arranging discussions between the ATO and industry representatives on the SBSCH implementation of SuperStream. 

For more information on the above or on any SuperStream matters, contact Robert Hodge. 


APRA reporting: new FAQs, update subscription service 

APRA has recently released new or updated frequently asked questions (FAQs) for several of its data reporting forms, including those relating to: 

APRA has also asked us to remind members that: 


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