Regulatory Alerts2019-01-01
Anti-Money Laundering and Countering the Financing of Terrorism Code 2019
The Department of Home Affairs issued the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 to establish comprehensive regulatory requirements for entities operating in the regulated sector. The Code mandates the implementation of risk-based procedures, including business and customer risk assessments, alongside strict customer due diligence and ongoing monitoring protocols. It further requires designated businesses to appoint Money Laundering Reporting Officers, maintain detailed registers, and adhere to enhanced measures for high-risk relationships such as those involving politically exposed persons.
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