The Australian Gift and Prepaid Card Association (AGPCA) has formally lodged a submission to AUSTRAC in response to the recent consultation on proposed updates to the AML/CTF Rules, including the exposure draft amendments relating to transfers of value and proposed exemptions relevant to gift and prepaid cards. These reforms form part of the broader modernisation of Australia’s AML/CTF framework.
AGPCA’s submission draws on extensive engagement with members across the gift and prepaid card ecosystem and focuses on ensuring that the regulatory framework appropriately reflects the risk profile, commercial realities and consumer characteristics of gift card products. In particular, the submission highlights the importance of clear, consistent and risk‑based exemptions that support compliance while enabling the continued issuance and use of gift cards in Australia.
AGPCA has welcomed the consultative and cooperative approach taken by AUSTRAC and the Department of Home Affairs throughout the development of the proposed rules. The Association views ongoing engagement between regulators and industry as critical to achieving effective regulatory outcomes.
AGPCA is committed to work with AUSTRAC in any capacity it can as the rules are finalised, including through further consultation, guidance development and consideration of implementation issues that may affect the gift and prepaid card sector.
The full submission has been provided to AGPCA members and forms part of the Association’s ongoing advocacy on behalf of the industry.