Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024

The following is a simplified outline of this Part:

• A reporting entity must undertake initial customer due diligence before providing a designated service to a customer. However, in special cases, initial customer due diligence may be carried out after the provision of the designated service.

• A reporting entity must undertake ongoing customer due diligence in relation to the provision by the reporting entity of designated services.

• Simplified customer due diligence may be undertaken in certain low risk circumstances as part of initial and ongoing customer due diligence.

• Enhanced customer due diligence must be undertaken in certain circumstances as part of initial and ongoing customer due diligence.

• Certain pre‑commencement customers are subject to modified customer due diligence.

• Exemptions from initial customer due diligence, and ongoing customer due diligence, apply in certain circumstances.