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AUSTRAC Debanking guidance

Published Date:

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued core guidance for financial institutions to assess customers in the financial services sector who may pose a higher risk. This document highlights various factors that should be taken into account when determining the level of risk associated with a customer, such as their business activities, geographic location, and relationships with politically exposed persons. It also emphasizes the importance of conducting ongoing customer due diligence and implementing effective risk management systems. By following this guidance, financial institutions can enhance their ability to identify and mitigate potential risks related to money laundering, terrorism financing, and other illicit activities within their customer base.

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