What is ongoing customer due diligence?
The Act requires businesses that provide certain financial, gambling, or bullion dealing services to monitor customer transactions on an ongoing basis, and clarify or update information they have on these customers, including the nature of the customer’s business. This is called ongoing customer due diligence. Ongoing customer due diligence helps the businesses to identify, mitigate and manage money laundering and terrorism financing risks. The provisions under the Act relating to ongoing customer due diligence commence on 12 December 2008. As a customer, you may be asked for additional information about your identity or to provide documents that can be used to reverify your identity as part of a business’s ongoing customer due diligence program. You may also be asked for more information about your transactions. You can find more information on customer due diligence obligations under the Act from the Australian Transaction Reports and Analysis Centre (AUSTRAC) website.
