Customer Due Diligence Reform in Australia

Global Risk & Investigations Practice (GRIP)

July 29, 2013

The Australian Transaction Reports and Analysis Centre (AUSTRAC) is the national body responsible for monitoring financial transactions and suspicious report analysis. Calls for submissions into a consultation process concerning possible enhancements to Australia's anti-money laundering and counter-terrorism financing (AML/CTF) customer due diligence (“CDD”) regime have been announced. 

FTI Consulting has contributed to the consultation process by highlighting and emphasising the importance of CDD reports in the business context. Managers should require high-quality and robust CDD reports, and further they should look to improve understanding and application of these reports.  

We understand that those involved in business face the constant dilemma of needing to rapidly respond to potential business opportunities, whilst also ensuring that these opportunities comply with an ever expanding and ever evolving complex regulatory environment.  In such situations, comprehensive CDD reports can support business managers to better understand and mitigate against AML, CTF, corruption and a variety of business risks. Better application and analysis of current CDD reports offers greater utility, rather than add further regulatory, procedural or legal requirements to the existing obligations.

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