AUSTRAC has released two draft updated guidance documents for consultation on enhanced customer due diligence (ECDD) practices by reporting entities and employee due diligence and training.

The proposed updated guidance on Enhanced customer due diligence (ECDD) program sets out AUSTRAC’s expectations in relation to when to apply ECDD and how ECDD should be performed, what must be included within the ECDD program when additional verification should be undertaken and record keeping and reporting obligations.

The proposed updated guidance on Employee due diligence and employee AML/CTF risk awareness training guidance discusses which employees to screen and re-screen and details how employees should be screened to ensure they do not pose a money laundering or terrorism financing risk.

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