AUSTRAC - Australian Transaction Reports and Analysis Centre
AUSTRAC - PIA on AML/CTF reforms (2014)
In early 2014 Galexia completed a Privacy Impact Assessment (PIA) for proposed changes to the customer due diligence requirements of Australia’s Anti-Money Laundering and Counter-Terrorism Financing Framework (the Customer Due-Diligence (CDD) project).
The PIA was published by AUSTRAC in May 2014 and is available at: <http://www.austrac.gov.au/files/cdd_pia_may2014.pdf>
The PIA was one of the first public PIAs conducted in accordance with the new Australian Privacy Principles (APPs) that came into force in March 2014.
Galexia was able to advise AUSTRAC on how to incorporate important changes to customer due diligence requirements that form part of international commitments to tackle money laundering, while complying with Australia's revised privacy legislation.
A number of recommendations in the PIA resulted in changes to the final form of the AML/CTF Rules.