Regulatory Alerts2025-09-28
Customer Due Diligence – Co-operatives Guideline
AML/CFT supervisors issued this guideline to direct reporting entities on conducting customer due diligence for co-operative customers under the AML/CFT Act 2009. It mandates risk-based identification and verification of co-operatives, their beneficial owners, and persons acting on their behalf, while specifying additional data requirements for ownership structures. The document outlines conditions for simplified, standard, and enhanced due diligence, including triggers for enhanced measures such as nominee arrangements or suspicious activity reports.
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