AUSTRAC has updated its guidance to banks and superannuation funds to support people from diverse backgrounds and in challenging circumstances who do not have standard forms of identification to access the financial services they need.

Financial institutions require customers to provide identity documents to access their services. However, some members of the community cannot access traditional forms of documentation to prove their identity, whether due to emergency such as natural disasters, personal circumstances such as domestic violence, location or structural barriers.

For customers who are considered to pose a lower money laundering and terrorism financing (ML/TF) risk, Austrac has indicated that banks and superannuation funds can develop and apply a flexible, risk-based approach to customer identification requirements to ensure the community can access the financial services that they need.

If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.

Author: David Jacobson
Principal, Bright Corporate Law
Email:
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.