Regulatory Alerts2022-05-17
Customer Due Diligence for Sole Traders and Partnerships
This fact sheet outlines customer due diligence requirements for sole traders and partnerships under Section 11 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. It mandates the identification and verification of customers, beneficial owners, and authorized representatives using reliable independent sources. Financial institutions must also assess money laundering risks based on business structure, geography, and activity type to determine if enhanced due diligence is necessary.
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