The basics of ensuring that your client is who they say they are (ID verification) and live where they say they live (proof of address) has consistently been done to the required standard. However, an area that is still of concern is what we consider to be the most important part of ‘knowing your customer’ and that is the building of the profile of your client so that you can confidently apply an AML/CFT risk rating to them. Passing ID and proof of address standards does not automatically equal a low-risk rating.  Researching your customer (Google is a good place to start) is so important as you build a base AML profile for them.   

While there is no ‘one’ way to do this, Strategi has developed several online modules to help reporting entities better meet their obligations – in particular CDD – under the AML/CFT Act 2009. Stay connected to the Strategi Institute online education portal Radar to find out more.  We have several AML related courses to help you and your staff keep up with the ever-evolving AML landscape.