Know Your Customers

Complying with the Anti-Money Laundering and Counter Terrorism Financing Act

An estimated $4.5 billion is involved in money laundering in Australia each year. To address this issue, risk mitigation and customer verification processes are set to become a legal requirement for Australian businesses.

A number of organisations are now required to comply with the Anti-Money Laundering and Counter Terrorism Financing Act (AML/CTF Act), which involves the implementation of risk-based systems to prevent money laundering and terrorism financing activities.

What will the customer verification process under the Act involve?

The level of risk will determine the customer verification requirement. For a service that is deemed to be low-risk of money laundering or terrorism financing, businesses might only be required to provide their ABN and business licence. A higher risk transaction will require more detailed verification processes.

Compliance with the AML/CTF Act

Dun & Bradstreet can assist your business with compliance by providing access to a range of sophisticated risk mitigation solutions. This includes in-depth and accurate information on more than 113 million businesses in Australia and internationally.

To ensure that your business meets the AML / CTF verification requirements, D&B offers a range of reports based on the varying levels of risk associated with designated services under the Act.

Knowing your customers and prospects and staying informed about changes to their status is an essential practice for every business.