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…

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