Updated guidance on conducting employee due diligence and AML/CTF training
20 April 2023
AUSTRAC has released updated guidance to help you meet your anti-money laundering and counter-terrorism financing (AML/CTF) obligations around:
- employee due diligence (EDD) and
- AML/CTF risk awareness training.
As an AUSTRAC-regulated entity, you are required to have procedures built into your AML/CTF program that detail when and how you conduct EDD and AML/CTF risk awareness training. These procedures help you to protect your business and the Australian community from the harms of money laundering, terrorism financing, and other serious crimes.
The updated guidance explains what EDD and AML/CTF risk awareness training involves and how it may apply to your business. It provides an overview of the risks you may face when meeting your EDD and AML/CTF risk awareness training obligations, and outlines best practices to help you mitigate and manage those risks.
The release of this guidance follows consultation across industries undertaken in late 2022. If you provided feedback on the draft guidance, we thank you for your participation.AUSTRAC Notice
Employee due diligence guidance
Employee AML/ CTF risk awareness training guidance
Categories: AML/CTF training Anti-Money Laundering AUSTRAC Updates Due Diligence Guidance
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