Reporting entities face new customer due diligence requirements
By Richard Batten
The Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2014 (No.3) (Cth) (Amending Rules) came into force on 1 June 2014, requiring reporting entities to make changes to their AML/CTF programmes and customer due diligence procedures. The new rules follow extensive consultation by the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Significantly, reporting entities are now required to collect and verify information about beneficial owners for all customer types; the settlor of any customers that are trusts; and any politically exposed persons (PEPs) who are customers or beneficial owners.
Additional obligations have been imposed on reporting entities to understand the nature and purpose of their business relationships with their customers and to consider new risk factors when assessing their level of money-laundering/terrorism-financing (ML/TF) risk…
Click on the link below to read the rest of the Minter Ellison briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.