Regulatory Alerts2025-09-28
Customer Due Diligence for Sole Traders and Partnerships Guideline
Issued by AML/CFT supervisors in September 2025, this guideline mandates that reporting entities conduct customer due diligence on sole traders and partnerships under the AML/CFT Act 2009. It requires the collection and verification of identity information for customers, their beneficial owners, and any persons acting on their behalf, with specific additional requirements for partnership structures. Enhanced due diligence is compulsory for higher-risk scenarios, including complex transactions, non-resident customers from high-risk jurisdictions, and when suspicious activity reports are triggered.
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