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Improved access to financial services for Indigenous customers

Coinciding with NAIDOC week, AUSTRAC, Australia’s financial intelligence agency, has updated its online compliance guide to help businesses meet customer identification requirements under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006

The updated guidance clarifies obligations relating to the identification of people of Aboriginal and/or Torres Strait Islander background. 

AUSTRAC’s CEO, Paul Jevtovic, said the guidance will help financial businesses to more readily identify some of their most disadvantaged, low-risk customers and achieve higher levels of financial inclusion.

“AUSTRAC is pleased to collaborate with the financial sector to ease the regulatory burden and provide greater clarity for industry about customer identification requirements,” said Mr Jevtovic. 

The new guidance aims to overcome difficulties faced by many Aboriginal and Torres Strait Islander customers in accessing financial services such as superannuation entitlements. 

AUSTRAC developed the guidance in consultation with the financial sector and other Government agencies.

See the new compliance guidance for the identification of Aboriginal and Torres Strait Islander customers on AUSTRAC’s website.


Media contact:

AUSTRAC Media and Communications:

  • P: (02) 9950 0488
  • M: 0418 103 107
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Last modified: 04/07/2016 12:01