AML Terms

Table of Contents Summary Box Meaning: A financial institution includes an authorised deposit taking institution, a bank, a building society, a credit union, or a

Table of Contents Summary box Meaning: Enhanced customer due diligence, often called enhanced CDD, is the set of extra checks, additional information collection, and additional

Table of Contents At-a-Glance Overview of AUSTRAC Enrolment Meaning: Enrolment is the process of providing AUSTRAC with your business details so you can be recognised as

Table of Contents EFTI at a Glance Meaning: An instruction for the transfer of money controlled by a customer to another person, where the instruction

Table of Contents Domestic PEP: Key Points Meaning: A domestic politically exposed person, often shortened to domestic PEP, is someone who holds a prominent public

Table of Contents Key Points to Know Meaning: A reporting entity that exchanges money for digital currency, or digital currency for money, as part of

Table of Contents A Practical Overview of Digital Currency Meaning: Digital currency is a type of currency that exists only in digital form. It can

Table of Contents Summary Box Meaning: A designated service is a service listed in section 6 of the AML and CTF Act that has been

Table of Contents Key Points of Customer Due Diligence Meaning: Customer due diligence is the set of steps you take to identify a customer, verify

Table of Contents Simple Overview of Correspondent Banking Meaning: A correspondent banking relationship is where one financial institution provides banking services to another financial institution