In June 2014 changes to the AML/CTF Rules impacted the customer due diligence (CDD) obligations for reporting entities in relation to beneficial ownership and politically exposed persons (PEPs).
These changes require reporting entities to carry out additional risk assessment, customer identification procedures and enhanced customer due diligence in order to identify and monitor beneficial owners and PEPs.
Reporting entities were required to implement these changes by 1 January 2016.
AUSTRAC is now conducting assessments to ensure entities are aware of their obligations relating to beneficial ownership of their customers following these changes.
For more information about your CDD obligations please visit the CDD page.