Customer Identification and Due Diligence Overview

Modified on: Fri, 27 May 2022 at 1:14 pm

clippy Thingy

Customer Identification and Due Diligence Overview

Australian Transaction Reports & Analysis Centre (AUSTRAC) is the financial security department of the Australian Federal Government. Till Payments must identify and know our customers as stipulated by AUSTRAC.

The customer identification procedures – know your customer (KYC) procedures – must be documented in Part B of Till Payments Anti Money Laundering (AML) program. All AML programs must include a Part B program within Australia.

To identify, mitigate and manage money laundering/terrorism financing (ML/TF) risk, Till Payments has developed an ongoing customer due diligence processes in accordance with Australian law. This includes developing and documenting an enhanced customer due diligence program and transaction monitoring program in our AML/CTF program.

Customer identification and ongoing customer due diligence processes provides Till Payments with information to help identify unusual transactions and behaviour, to identify and manage high-risk cardholders and transactions, and to report suspicious matters if appropriate as required by Australian law.

There are two parts to an AML/CTF program – part A and part B:

Ongoing customer due diligence procedures: Part A of our AML/CTF Program
Part A of the AML/CTF program includes ongoing customer due diligence (OCDD) systems and controls to decide whether additional customer and beneficial owner information should be collected and verified on an ongoing basis. OCDD includes ensuring the information Till Payments has about its customers are up to date, transaction monitoring and enhanced customer due diligence (ECDD). Enhanced customer due diligence procedures must be applied when there is a high risk of money laundering or terrorism financing.

Identifying and verifying customers: Part B of Till Payments AML/CTF Program
Standardise your knowledge base by creating templates such as a simple FAQ-style article, step-by-step guides, How-To, Release notes, and a lot more. Your team can simply choose from the predefined templates and start creating their articles from there - saving them time.

Was this article helpful?