[ESTABLISHING A BUSINESS ENTITY IN AUSTRALIA]
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At a high level, the AML/CFT Act requires reporting entities to: • implement an AML/CTF compliance program, which includes verifying the identity of clients before a designated service is provided, and collecting and verifying information about beneficial owners of clients; • report specific kinds of transactions and suspicious matters to AUSTRAC; and • keep accurate records in respect of their customers.
ILN Corporate Group – Establishing a Business Entity Series
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