Enhanced Customer Due Diligence Guideline

August 2020

Introduction

This guideline assists you to conduct enhanced customer due diligence (enhanced CDD) on your customers under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 (the Act).

The Act sets out a number of specific situations in which enhanced CDD is required. In addition, enhanced CDD is required when you consider, based on your money laundering and terrorism financing (ML/TF) risk assessment (risk assessment), that the level of risk involved means that enhanced CDD should apply.

Enhanced CDD requires the collection and verification of the same identity information that is required for standard customer due diligence. However, when undertaking enhanced CDD, you may need to use increased or more sophisticated measures to do this. In most, but not all, cases enhanced CDD also requires the collection and verification of information relating to the source of wealth (SoW) or source of funds (SoF) of your customer.

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