International Law

AUSTRAC Regulatory Guide on new ongoing customer due diligence obligations

The AUSTRAC Regulatory Guide has been updated with the addition of new chapter 8 which outlines new ongoing customer due diligence obligations that come into effect on 12 December 2008.

From 12 December 2008, reporting entities must incorporate ongoing customer due diligence systems and processes into their AML/CTF program. This means that, in order to maintain a proper understanding of their customers, reporting entities may need to collect and verify additional customer identification information if they deem it necessary. Ongoing customer due diligence is a key element of a reporting entity's control framework in identifying, mitigating and managing any money laundering and terrorism financing risks they face.

Full post as published by Australian Regulatory Compliance Review on August 12, 2008 (boomark / email).