AUSTRAC has released two draft updated guidance documents for consultation on enhanced customer due diligence (ECDD) practices by reporting entities and employee due diligence and training.
The proposed updated guidance on Enhanced customer due diligence (ECDD) program sets out AUSTRAC’s expectations in relation to when to apply ECDD and how ECDD should be performed, what must be included within the ECDD program when additional verification should be undertaken and record keeping and reporting obligations.
The proposed updated guidance on Employee due diligence and employee AML/CTF risk awareness training guidance discusses which employees to screen and re-screen and details how employees should be screened to ensure they do not pose a money laundering or terrorism financing risk.
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
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