When you rely on know your customer (KYC) information collected and verified by a third-party reporting entity or a foreign business subject to anti-money laundering and counter-terrorism financing (AML/CTF) regulation this is called reliance.
This guidance will help you determine if it’s appropriate to enter into a CDD arrangement, and what you must do if you enter into a CDD arrangement.
You can rely on KYC information that’s been collected and verified by another Australian reporting entity or a foreign business subject to AML/CTF regulation on a case-by-case basis.
This guidance will help you determine if it’s appropriate to use reliance, particularly with foreign entities.
This guidance will help you to identify which of your personnel perform anti-money laundering and counter-terrorism financing (AML/CTF) roles that need personnel due diligence and training.
You must conduct personnel due diligence to assess the people you employ or engage to perform AML/CTF roles. This includes assessing their skills, knowledge, expertise and integrity.
You must provide AML/CTF training to personnel who perform functions relevant to your AML/CTF obligations. Find out when to provide it and how to outsource it if needed.