{"id":"F2020L01470","name":"Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2020 (No. 5)","slug":"anti-money-laundering-and-counter-terrorism-financing-rules-amendment-instrument-2020-no-5","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":440673,"registerId":"F2020L01470-fast-fetch-1775956230177","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2020 (No. 5)","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![Commonwealth Coat of Arms of Australia](image.001.jpeg)\n\n \n\nAnti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2020 (No. 5)\n\nI, Nicole Rose, Chief Executive Officer, Australian Transaction Reports and Analysis Centre, make the following legislative instrument.\n\nDated 24 November 2020   \n\n[signed]\n\nNicole Rose PSM\n\nChief Executive Officer\n\nAustralian Transaction Reports and Analysis Centre\n\n \n\nContents\n\n1  Name\n\n2  Commencement\n\n3  Authority\n\n4  Schedules\n\nSchedule 1—Amendments\n\nAnti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1)\n\n \n\n \n\n1  Name\n\n  This instrument is the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2020 (No. 5).\n\n2  Commencement\n\n (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n \n\n- Commencement information\n- Column 1 Column 2 Column 3\n- Provisions Commencement Date/Details\n- 1. Sections 1 to 4 and anything in this instrument not elsewhere covered by this table The day after this instrument is registered.\n- 2. Schedule 1 30 November 2020\n\n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.\n\n (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.\n\n3  Authority\n\n  This instrument is made under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.\n\n4  Schedules\n\n  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.\n\nSchedule 1—Amendments\n\nAnti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1)\n\n1  After Chapter 77\n\nInsert:\n\nCHAPTER 78 TransferWise Australia Pty Ltd\n\n78.1 These Anti-Money Laundering and Counter-Terrorism Financing Rules are made under section 229 for the purposes of subparagraphs 8(1)(c)(v), 8(1)(d)(v), 9(1)(c)(v) and 9(1)(d)(v) and paragraph 45(1)(c) of the Act.\n\n \n\nDefinition of ordering and beneficiary institutions\n\n78.2 Each of the following persons is specified to be an ordering institution:\n\n(1) TransferWise Limited 07209813, 6th Floor, Tea Building, 56 Shoreditch High Street, London E1 6JJ, England (TransferWise);\n\n(2) a subsidiary of TransferWise other than TransferWise Australia Pty Ltd ABN 38 616 463 855 (TransferWise Australia).\n\n78.3 Each of the following persons is specified to be a beneficiary institution:\n\n(1) TransferWise;\n\n(2) a subsidiary of TransferWise other than TransferWise Australia.\n\n \n\nConditions for reports of international funds transfer instructions\n\n78.4 Section 45 of the Act only applies to an instruction involving a person specified in paragraph 78.2 as the ordering institution if:\n\n(1)       TransferWise Australia is the beneficiary institution; and\n\n(2)        the instruction is accepted at or through a permanent establishment of the person in a foreign county.\n\n78.5 Section 45 of the Act only applies to an instruction involving a person specified in paragraph 78.3 as the beneficiary institution if:\n\n(1)        TransferWise Australia is the ordering institution; and\n\n(2)        the transferred money is to be, or is, made available to the payee at or through a permanent establishment of the person in a foreign country.\n\n2  Application and transitional provisions\n\n(1) Chapter 78 of the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1), as inserted by this Schedule, applies to an international funds transfer instruction sent or received on or after the commencement of this item.\n\n(2) For the purposes of paragraph 45(3)(b) of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, a report given under subsection 45(2) of the Act by TransferWise Australia Pty Ltd ABN 38 616 463 855 (TransferWise Australia) must contain the following information on or after the commencement of this item until 1 February 2021 (transition period):\n\n (a) for an instruction described in item 1 of the table in section 46 of the Act— the information specified in subparagraphs 17.2(1)–(13) of the Rules;\n\n (b) for an instruction described in item 2 of the table in section 46 of the Act— the information specified in subparagraphs 17.3(1)–(14) of the Rules.\n\n(3) Paragraphs 16.2 and 16.3 of the Rules do not apply to TransferWise Australia during the transition period.\n\n \n","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This amendment maintains the original scope of the Anti-Money Laundering and Counter-Terrorism Financing Rules. It is a targeted, entity-specific addition that applies the existing regulatory framework to a particular business structure (TransferWise's global operations). The amendment does not expand the overall scope of the Rules beyond their original purpose of regulating reporting entities and international funds transfers."},"complexity_factors":["Short, targeted amendment (only 5 operative sections plus application provisions)","Single entity focus (TransferWise/Wise only)","Minimal cross-referencing (only references to existing Act sections 8, 9, 45, 46 and Rules sections 16.2, 16.3, 17.2, 17.3)","Simple conditional logic (two-part tests in sections 78.4 and 78.5)","Temporary transitional provisions with clear end date (1 February 2021)","No defined terms section (relies on existing Act and Rules definitions)"],"plain_english_summary":"This instrument amends Australia’s anti‑money‑laundering rules to expressly cover TransferWise (Wise) operations, binding the Australian entity and its UK parent so transfers between them and other overseas affiliates are reported to AUSTRAC. It also introduces a short-term transitional reporting arrangement in effect until 1 February 2021.\n\nIt affects TransferWise’s Australian and overseas arms, AUSTRAC, and customers using the service—closing cross‑border reporting gaps in digital money transfers."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The instrument narrows and clarifies the circumstances in which s.45 reporting applies to TransferWise-related transactions by tying the duty to TransferWise Australia being the counterparty and to funds being accepted or made available via a foreign permanent establishment (rr.78.4–78.5). It also imposes time-limited reporting content requirements and suspends certain Rules provisions for the transition period (Application and transitional provisions (2)–(3))."},"complexity_factors":["Entity-specific amendments: designates particular corporate entities (TransferWise and subsidiaries) rather than applying general rules.","Conditional application: reporting obligations hinge on the presence of a permanent establishment abroad (rr.78.4–78.5).","Transitional regime: temporary data-field requirements and temporary exemptions apply until a set date (Application and transitional provisions (2)–(3)).","Cross-references: relies on multiple provisions of the AML/CTF Act and existing Rules (s.45, ss.17.2–17.3, ss.16.2–16.3), increasing navigational complexity.","Limited scope but precise operational effect: mostly straightforward to read, but requires practitioner attention to routing and entity status."],"plain_english_summary":"This instrument adds a new Chapter 78 to the AML/CTF Rules that names TransferWise Limited and its subsidiaries as specified ordering and beneficiary institutions and sets when the international funds transfer instruction (IFTI) reporting duty applies: only where TransferWise Australia is the counterparty and the transfer involves a permanent establishment abroad. It also imposes temporary reporting data requirements and exempts certain rule provisions for a transition period ending 1 February 2021 (see rr.78.2–78.5 and transitional items). TransferWise Australia bears the compliance and reporting burden; whether a report is required depends on how and where the transfer is routed."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/anti-money-laundering-and-counter-terrorism-financing-rules-amendment-instrument-2020-no-5","history":"/api/acts/anti-money-laundering-and-counter-terrorism-financing-rules-amendment-instrument-2020-no-5/history","analysis":"/api/acts/anti-money-laundering-and-counter-terrorism-financing-rules-amendment-instrument-2020-no-5/analysis","conflicts":"/api/acts/anti-money-laundering-and-counter-terrorism-financing-rules-amendment-instrument-2020-no-5/conflicts","importantCases":"/api/acts/anti-money-laundering-and-counter-terrorism-financing-rules-amendment-instrument-2020-no-5/important-cases","documents":"/api/acts/anti-money-laundering-and-counter-terrorism-financing-rules-amendment-instrument-2020-no-5/documents"}}