Summary


This article will outline the standard due diligence criteria under Australian, New Zealand, and United Kingdom AML Legislation, as well as what information First AML collect for entities which qualify for standard due diligence.


TABLE OF CONTENTS



Criteria


First AML will conduct Standard Due Diligence when neither Enhanced nor Simplified Due Diligence applies. 


Please see the full list of qualifying circumstances: 


Australia - 

Anti-Money Laundering and Counter-Terrorism Financing Act 2006, Section 32 (2)


New Zealand 

Anti-Money Laundering and Countering Financing of Terrorism Act 2009, Section 14(1)


United Kingdom - The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, Reg 27(1)




What do we collect?


First AML collects the following information to verify the customer and all beneficial owner(s) of the customer as per the AML/CTF Rules Section 4 / AML/CFT Act Section 15 / Reg 28 MLR 2017. 


  1. The person’s full legal name(s); 
  2. The person’s date of birth; 
  3. If the person is not the customer, the person’s relationship with the customer; 
  4. The person’s address or registered office; 
  5. The company identifier or registration number; and 
  6. Any information prescribed by regulations.