Briefs: Austrac designates Western Union service

The anti-money laundering regulator Austrac has issued draft rules enabling authorised deposit-taking institutions to offer their customers account-based remittance through a Western Union service and also requiring them to report the transactions to Austrac. Western Union offers an account-based money transfer system that is used by small banks, credit unions and building societies.  The customer is able to use their account as the source or destination of funds transferred in and out of Australia.