New rules governing customer due diligence in Australia will see knock-on effects for businesses and individuals throughout Asia, as a January 2016 cut-off date on non-compliance draws closer.
Last year, Australia’s Financial Action Task Force identified customer due diligence as a key area of concern within the country’s Anti-Money Laundering and Counter-Terrorism Financing Rules.
It listed shortcomings among Australian businesses that included a lack of determination to understand ownership and control structures of customers, frequent failures to identify and verify beneficial ownership of customers, regular overlooking of whether a customer was acting on behalf of another person, failures to identify politically exposed persons (PEPs) and failures to adequately collect information on the purpose and intended nature of business relationships.
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