AUSTRALIA: AUSTRAC PUBLISHES FACTSHEET ON BENEFICIAL OWNERSHIP

Payments Compliance on 8th February reported that the Australian agency has issued a factsheet on 6th February which assists reporting entities in understanding the requirement to meet obligations when taking on new clients and customers or conducting ongoing CDD.  It sets out 5 steps that should be followed.

austrac

https://paymentscompliance.com/premium-content/research_report/australia-austrac-publishes-fact-sheet-beneficial-ownership

http://www.austrac.gov.au/media/media-releases/new-fact-sheet-helps-businesses-identify-beneficial-owner-requirements

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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