AML Terms

Essential overview of key personnel under AML/CTF rules – who they are, why they matter, and governance expectations for compliance.

A practical guide to International Organisation PEP (IO PEP) compliance. Learn when to apply EDD, document source of wealth, and ensure senior sign-off.

Understand the meaning of International Funds Transfer Instruction (IFTI) under AUSTRAC laws, including reporting obligations, types & the future shift to IVTS.

What is a governing body? Learn the definition, executive roles, and risk oversight responsibilities for effective business governance and compliance.

Essential guide to Foreign PEP (politically exposed person). Learn best practices for senior approval, source of funds verification, & high-risk customer management.

Definition of financial institution in AML/CTF: banks, ADIs, credit unions, and others specified by rules, plus why the term matters in practice.

Learn what enhanced customer due diligence is, key risk triggers, & practical measures to mitigate money laundering and terrorism financing risks.

Enrolment with AUSTRAC explained, who needs to enrol and the main AML/CTF Tranche 2 deadlines for reporting entities.

Electronic Funds Transfer Instruction is the digital payment order that moves money between accounts and why it matters for tracking and compliance.

Definition of Domestic Politically Exposed Person, examples of roles, and why PEP screening is part of AML and compliance programs.