Reforms to the Anti-Money Laundering and Counter-Terrorism Financing Act come into effect from today.
The reforms will streamline compliance and help to protect businesses from the harms of money laundering, terrorism financing and other serious crimes.
The reforms clarify obligations regarding customer due diligence before providing a designated service, involve changes to strengthen the protections for correspondent banking relationships, expand the circumstances in which reporting entities can rely on a third party for customer identification and verification, and expand the exceptions to the prohibition of tipping off.
Read the new guides on our website now.
If you have further questions about these reforms or guidance, contact us at email@example.com or 1300 021 037.
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