International Law

Austrac has given guidance to superannuation fund trustees who may not be able to comply with section 32 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the identification requirement) when making payment as a result of Victorian bushfires or north Queensland floods

AUSTRAC has indicated it will adopt a supervisory approach whereby it will not commence enforcement action against a trustee of a superannuation fund for breaching section 32 of the AML/CTF Act where the trustee provides an item 43 designated service by making a payment to a member who was adversely affected as a direct result of the Victorian bushfires or Queensland floods in the following circumstances:

a) the Australian Prudential Regulation Authority has determined an amount of preserved benefits or restricted non-preserved benefits is to be released on compassionate grounds pursuant to regulation 6.19A of the SIS Regulations

b) the trustee of the superannuation fund approves the early release of superannuation benefits pursuant to regulation 6.01(5) of the SIS Regulations.