AUSTRAC guidance on Source of Funds and Source of Wealth checks

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AUSTRAC has published new guidance to help reporting entities perform source of funds and source of wealth checks and mitigate the risks customers’ funds being associated money laundering, terrorism financing and other serious crimes. The guidance incorporates a range of examples to explain how source of funds and source of wealth processes apply across various industry sectors.

https://www.austrac.gov.au/business/how-comply-and-report-guidance-and-resources/customer-identification-and-verification/source-funds-and-source-wealth

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