AUSTRALIA - The Association of Superannuation Funds of Australia (ASFA) has welcomed the government's new Anti-Money Laundering/Counter Terrorist Financing (AML/CTF) legislation.
ASFA, who worked closely with the government on the law, commended the decision to adopt a risk-based approach.
ASFA said in a release there had been initial concerns relating to the original proposal for up-front identification of all new superannuation fund members, but added: "Today's bill recognises the special nature of superannuation by requiring identification at the point benefits are paid out of the superannuation system, not when the money is paid in."
The law will be carried out over a two year transitional period, which ASFA said would provide super funds the necessary time to develop and introduce the new requirements, systems and procedures.
"The Industry faces significant challenges in implementing the AML/CTF regime," said ASFA.
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