Australian government broadens KYC methods

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On 11 September 2016, the Australian government introduced the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2016 (No. 1), which makes important changes to chapter 4 of the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1).

kyc_packageThe amendment:

1. Allows reporting entities to now collect know your customer (KYC) information “about” a customer, rather than requiring KYC information to be collected “from” a customer; and

2. Eases the KYC headaches many have been facing in relation to electronic-based safe harbour provisions and the requirement to verify name, address and date of birth (or transaction history) against two separate data sources.

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