This article will outline the simplified due diligence criteria under Australian, New Zealand, and United Kingdom AML legislation, as well as the information First AML collect for entities that qualify for simplified due diligence.
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First AML will conduct Simplified Due Diligence when permitted by the Anti-Money Laundering and Counter-Terrorism Financing 2006 (AML/CTF Act), including when the customer person/entity is:
- A government department
- A publicly listed company or subsidiary of a listed parent company with >50% shareholding of the engaging private company
- Companies that are licensed and regulated by a government regulator
Please see the full list of qualifying entities in the AML/CTF Rules Instrument 2007 4.3.8.
First AML will conduct Simplified Due Diligence when permitted by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, including when the person/entity is:
- A publicly listed company or a public administration
- An individual of a low risk geographical area
- A company which is listed on the regulated market
Please see the full list of qualifying entities and factors in the MLR 2017 Regulation 37(3).