The rules require reporting entities to verify and monitor customer details and transactions on a rolling basis. Under the new regulations, companies already required to collect and check information on a customer's identity must ensure that this "know your customer", or KYC, data is updated as necessary. They must also determine when further KYC information is needed. Companies will also have to put in place a transaction monitoring program to identify suspicious transactions.
Compliance with these rules is expected by March 12, at the very latest, according to Australia's AML body, the Australian Transaction Reports and Analyst Centre (Austrac), which has been responsible for overseeing the adoption of Australia's AML/CTF Act since 2006.
The week in Risk.net, May 19-25 2017Receive this by email