International Law

AML ongoing customer due diligence:proposed changes

By David Jacobson

In response to issues raised by the Financial Action Task Force (FATF) in regard to Chapter 15 of the AML/CTF Rules on ongoing customer due diligence, particularly in relation to perceived discretionary action which a reporting entity may undertake in high money laundering and terrorism financing risk situations, AUSTRAC has issued draft amendments to Chapter 15 for comment.

The proposed changes specify the action a reporting entity must undertake in regard to the identified ML/TF risk or suspicion.

A public consultation period is open from 13 April 2010 to 30 April 2010.

Full post as published by Australian Regulatory Compliance Review on April 14, 2010 (boomark / email).