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New guidance - Key terms used in 'politically exposed person' definition

25 November 2015

Following extensive consultation with industry, AUSTRAC has published comprehensive new guidance explaining many of the key terms used in the AML/CTF Rules requirements for customers who may be ‘politically exposed persons’ (PEPs). 

The new guidance has been incorporated into Chapter 6 of the AUSTRAC compliance guide (Customer due diligence procedures). The guidance covers: 

  • the meaning of the term ‘as soon as practicable’ (see the section titled What are the requirements for PEPs?) 
  • the meaning of a number of key terms used in the AML/CTF Rules, such as ‘prominent public position or function’ and ‘senior government official’
  • the interaction between the PEP obligations imposed by the AML/CTF Rules and those imposed by other legislation (such as superannuation legislation)
  • reporting entity use of external databases to determine whether a customer or beneficial owner is a PEP (see the section titled What are the requirements for PEPs?)
  • the meaning of the term ‘sensitive information’.
Last modified: 25/11/2015 15:58