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New fact sheet helps businesses identify beneficial owner requirements

A new fact sheet to help businesses understand and comply with their beneficial owner identification requirements has been published by AUSTRAC, Australia’s financial intelligence agency and regulator.

Dr Rachel Challis, AUSTRAC’s Acting National Manager Compliance, said the fact sheet draws on feedback from businesses and past compliance assessments conducted by AUSTRAC to clarify the key steps for businesses to determine beneficial ownership.

"Criminals use complex ownership structures to hide and move their illicit profits from crimes such as fraud, drug trafficking and corruption," said Dr Challis.

"Not only is beneficial owner identification an anti-money laundering and counter-terrorism financing (AML/CTF) obligation, it is an important tool for businesses to know who they are really doing business with to help stop crime."

"The Paradise and Panama Papers are examples of how businesses can be exploited by criminals through complex ownership structures." said Dr Challis.

"Preparing this fact sheet is consistent with AUSTRAC’s commitment to partner with reporting entities to help them make their AML/CTF regimes the best they can be."

The fact sheet sets out the main beneficial owner identification obligations and describes AUSTRAC’s expectations in terms of meeting these obligations.

"We are confident that this fact sheet will assist those reporting entities that may be struggling to understand their obligations or implement their processes" said Dr Challis.

The new Meeting your beneficial owner obligations fact sheet is now available.

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Last modified: 07/02/2018 12:19