Summary


This article will outline how First AML verify Government Bodies & State Owned Enterprises under Australian, New Zealand, and United Kingdom AML legislation. 



TABLE OF CONTENTS



Australia


Who do we verify?


If the Government Body/State Owned Enterprise is Australian, First AML will not verify any individuals as per the AML/CTF Act. 


If the Government Body/State Owned Enterprise is foreign, your compliance team can choose to ask First AML to verify all beneficial owner(s)/effective controllers of the entity. 



What do we verify?


  1. Legal name
  2. Registered Address
  3. Confirmation that the entity is a government body/state-owned enterprise
    E.g. Print out from a government website confirming its status.



New Zealand & United Kingdom


If simplified CDD applies, First AML will note how the entity qualifies for simplified CDD with reference to the legislation.


Who do we verify?


Individual(s) who are authorised to act on behalf of the entity



What do we verify?


  1. Legal name, type of entity
  2. Registered Address, 
  3. Confirmation that the entity is a government body/state-owned enterprise
    E.g. Print out from a government website confirming its status.