Customer Due Diligence implementation period ends
The implementation period to comply with AUSTRAC’s Customer Due Diligence (CDD) requirements ends on 31 December 2015.
FundBPO is committed to offering a comprehensive anti-money laundering and counter-terrorism (AML/CTF) program, including full compliance with the new CDD requirements.
CDD is central to an effective anti-money laundering and counter-terrorism (AML/CTF) regime. Reporting entities need to identify and verify each of their customers so they can:
- Determine the money laundering and terrorism financing risk posed by each customer.
- Decide whether to proceed with a business relationship or transactions.
- Assess the level of future monitoring required.
AUSTRAC introduced new Customer Due Diligence (CDD) requirements from 1 June 2014. Australian reporting entities were expected to have a transition plan in place by November 2014 to achieve full compliance by the start of 2016.
We have responded to the new CDD requirements by implementing a transition plan to ensure compliance with the relevant provisions from 1 January 2016, including:
- Updating AML/CTF programs
- Updating of collection documents and disclosure documents and other customer facing documents
- Updating of IT systems and search capabilities
- Updating of business procedures
- Training of staff
If you are interested in FundBPO undertaking AML/KYC responsibilities for your fund, please contact us.
The information in this article is subject to change and is intended for informational purposes only. It is not to be construed as investment advice or guidance. While all efforts have been made to ensure the information contained in this article is accurate, errors may occur.