King & Wood Mallesons

Asia-Pacific 100 rank: 3

Categories:Australasia,Tax

Significant reforms to customer on-boarding requirements

Customer due diligence is a high priority for both global and national regulators. Customer due diligence is seen as a key tool in the global fight on terror and in cracking down on tax evasion and money laundering.

Australia’s response to the Financial Action Task Force’s revised international standards on customer due diligence and the US Foreign Account Tax Compliance Act (FATCA) is likely to result in significant changes to current customer on-boarding requirements and increased compliance costs.

In response to the revised Financial Action Task Force standards, AUSTRAC has issued a discussion paper proposing reforms to current procedures. The focus of the reforms is on understanding who owns and controls the customer…

If you are registered and logged in to the site, click on the link below to read the rest of the King & Wood Mallesons briefing. If not, please register or sign in with your details below.

Briefings from King & Wood Mallesons

View more briefings from King & Wood Mallesons

Analysis from The Lawyer

View more analysis from The Lawyer

Overview

Level 61, Governor Phillip Tower
1 Farrer Place
Sydney
NSW 2000
Australia
http://www.kwm.com

Total partners: 380
Total lawyers: 1,800