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ARTICLE · 26 MAY 2014

New customer due diligence requirements under anti-money laundering laws

Corrs Chambers Westgarth
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An amendment to Australia's anti-money laundering rules was registered on 19 May 2014.

AustraliaCriminal Law
Michael Chaaya
Michael Chaaya
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NEED TO KNOW

Ahead of the full statutory review of Australia's anti-money laundering and counter-terrorism financial laws, the AUSTRAC Chief Executive Officer has amended the Anti-Money Laundering/Counter-Terrorism Financing Rules (AML/CTF Rules) in relation to the Customer Due Diligence (CDD) requirements.

The Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2014 (No 3) (Amendment Instrument) was registered on 19 May 2014, amending the AML/CTF Rules to create new CDD requirements.

In summary, the amendments will require from 1 June 2014:

  • collation and verification of information about the settlor of any trust that is a customer;
  • identification of the beneficial owner of a customer; and

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