New anti-money laundering customer due diligence requirements announced by the Australian Transaction Reports and Analysis Centre (AUSTRAC) are designed to strengthen Australia’s financial system against money laundering and terrorism financing.  These requirements draw on international best practice techniques and endorsed international standards.  Reporting entities should familiarise themselves with the new requirements which came into effect on 1 June 2014 (with some transitional arrangements until 31 December 2015).

For further discussion, see the G+T Client Alert issued on 5 June 2014.