Following reforms to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), AUSTRAC has released detailed guidance which provides firms with information about AUSTRAC’s expectations, along with examples to help understand these new obligations. The recent reforms clarify obligations regarding customer due diligence, correspondent banking relationships, third party reliance for customer identification and verification, and the exceptions to the prohibition of tipping off. Financial Institutions with operations in Australia should take the time to read this guidance and ensure procedures are in place to meet regulators expectations
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