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.
News from Minter Ellison
Briefings from Minter Ellison
After launching the Shanghai pilot free-trade zone nine months ago, the Shanghai government has released the 2014 Negative List.
The Federal Circuit Court of Australia imposed fines on a company totalling AUD313,500 for sham contracting and related contraventions of the Fair Work Act 2009.