AUSTRAC provides relief on customer identification and verification during COVID 19

AFA News 4 June 2020. Recently AUSTRAC have provided guidance on alternative processes to verify customer identity, including changes to the AML/CTF rules to enable more flexible Know Your Client (KYC) processes during COVID 19.

The methods available for identification and verification include the following:

  • Using video based applications like Zoom to verify documents, or requesting a selfie to check photo based identification documents that have been emailed to you.
  • Telephoning the customer to ask questions about their identification, their reason for requesting a designated service or other questions that would assist in ascertaining whether the customer is who they claim to be.
  • Obtaining referee statements from approved referees.

Please click here to see the AUSTRAC Guidance, including some useful examples.

Please check your licensee’s requirements with respect to client identification and verification, and those for any product that you have recommended.

We are pleased to see this change, which was one of the relief measures that we called for in early April.