Issue 557, 27 January 2015
In this issue:
- AUSTRAC consultation: draft guide on the definition of ‘politically exposed person’
- Reminder: ASIC consultation on disclosure and reporting requirements (CP 227)
- AUSTRAC reminder regarding 2014 AML/CTF compliance reports
AUSTRAC consultation: draft guide on the definition of ‘politically exposed person’
AUSTRAC has recently released the draft Guidance Note: Key terms used in ‘politically exposed person’ definition for consultation.
The purpose of the guidance note is to assist reporting entities, including trustees of superannuation funds, in understanding the key terms used in the definition of ‘politically exposed person’ (PEP) in Chapter 1 Part 1.2 Key terms and concepts of the anti-money laundering and counter terrorism-financing rules (AML/CTF Rules).
In particular, the draft guidance note aims to clarify the following terms used in the PEP definition:
- ‘source of wealth and source of funds’
- ‘prominent public position or function’
- ‘government body’
- ‘international organisation’
- ‘government minister or equivalent senior politician’
- ‘senior government official’
- ‘judge of a court of equivalent seniority in a foreign country or international organisation’
- ‘governor of a central bank or any other position that has comparable influence to the governor of the Reserve Bank of Australia’
- ‘senior foreign representative, ambassador or high commissioner’
- ‘high ranking member of the armed forces’
- ‘state enterprise’
- ‘immediate family member and close associate’.
AUSTRAC is seeking comments on the draft guidance note by Friday, 13 February 2015.
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 Friday, 6 February 2015.
Reminder: ASIC consultation on disclosure and reporting requirements (CP 227)
As advised in ASFA Action Issue 555 (23 December 2014), ASIC has released Consultation Paper 227 Disclosure and reporting requirements for superannuation trustees (CP 227), which aims to improve the comparability of information about superannuation products for consumers by requiring consistency in how this information is calculated.
Specifically, CP 227 outlines three proposals for dealing with the uncertainty about the consistency requirements in section 29QC of the Superannuation Industry (Supervision) Act 1993.
Submissions on CP 227 close on 13 March 2015, after which ASIC intends to issue a regulatory guide on section 29QC in the second quarter of 2015.
If you have any feedback that you would like ASFA to consider including in its submission, email David Graus by close of business (COB) Tuesday, 3 February 2015.
AUSTRAC reminder regarding 2014 AML/CTF compliance reports
Reporting entities are reminded that they must submit their 2014 AML/CTF compliance report by 31 March 2015. This compliance report covers the period from 1 January 2014 to 31 December 2014.
Reporting entities should lodge their compliance reports electronically via AUSTRAC Online. Entities can access their AUSTRAC Online account via the login page, then select My Business > Compliance Reports > Create new report.
AUSTRAC advises that failure to lodge a compliance report by the deadline may prompt the regulator to undertake a closer examination of the reporting entity’s broader AML/CTF compliance behaviour.
Further information, including an instruction guide for completing the compliance report, is available on the compliance reports page of the AUSTRAC website.
For further information and queries, you can call the AUSTRAC Contact Centre on 1300 021 037 or email them.
