We recently updated the applicable customer identification procedures (ACIP) and ongoing customer due diligence resources, to help you strengthen these two important parts of your AML/CTF program.

Your ACIP and ongoing customer due diligence are critical to protecting your business and the community from serious and organised crime.

The updates include new guidance and example scenarios that will help you identify gaps in your customer identification, verification and ongoing customer due diligence processes.

Review your ACIP and ongoing customer due diligence processes:

• Customer identification and due diligence overview
• Enhanced customer due diligence (ECDD) program
• Transaction monitoring
• Suspicious transactions.

The importance of carrying out ACIP correctly and strong ongoing customer due diligence

An oversight at the account opening stage could allow criminals to take advantage of your business, hurting your reputation and the community over the longer term.

ACIP may involve many different processes depending on the type of customer – from identifying individuals, knowing who the beneficial owners are (if the customer is not an individual), whether the customer or any beneficial owners are politically exposed persons, and the purpose of their relationship with your business.

Ongoing customer due diligence plays a crucial role in identifying, mitigating and managing your risks and should be used to respond to threats posed to your business. Without strong ACIP or ongoing customer due diligence, your business and the community could be at greater risk of serious and organised crime.