Significant reforms to customer on-boarding requirements

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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…

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