AUSTRAC releases PLI 9 – customer identification requirements

AUSTRAC releases PLI 9 – customer identification requirements The AUSTRAC PLI series conveys AUSTRAC’s view on the legal meaning and effect of the legislation administered by the agency, and is intended to assist reporting entities to better

understand their obligations under the AML/CTF Act. AUSTRAC has recently published PLI 9, which outlines AUSTRAC’s views on the identification procedures set out in Part 2, Divisions 1–5 and 7 of the AML/CTF Act. The PLI deals with: • ‘identification procedures’ under Part 7 of the AML/CTF Act and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1) • when and in what circumstances ‘applicable customer identification procedures’ are to be carried out as set out in Part 2 of the AML/CTF Act • the relevance of the ‘100 point check’ prescribed in the Financial Transaction Reports Regulations 1990 for identification procedures under the AML/CTF Act. PLI 9 and the list of PLI topics for 2009 are available on the AUSTRAC website.