Meeting additional Customer Due Diligence requirements to prevent financial crime
On 1 June 2014, additional Customer Due Diligence (CDD) requirements came into effect under the AML/CTF Act. Reporting entities now have obligations such as identifying and verifying beneficial owners of their customers, which reflect how important transparency and visibility are in the fight against financial crime. However, driving an effective and efficient CDD approach is by no means a straightforward process, because financial institutions are required to screen and review transactions that present a variety of high ML/TF risks. Elena Lasa, Head of Compliance – Australia & New Zealand, Ria Financial Services, shares insight into how financial institutions such as remittance network providers (RNP) can meet the additional CDD requirements, and balance business excellence with AML/CTF compliance.
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