Detect + enhance due diligence on Domestic + Foreign PEPs
AML/CTF Rules require detection + EDD on Politically Exposed Persons (foreign + domestic + international organisation).
Who must comply
All AUSTRAC reporting entities.
What triggers it
Customer onboarding + ongoing screening.
When due
At onboarding + periodically (annual minimum for higher-risk).
Evidence required
Screening tool integration; PEP list updates; EDD file notes; senior management approvals.
Max penalty
Civil penalty regime to AML/CTF Act maximum
Summary
AML/CTF Rules Part 4.13 require reporting entities to detect Politically Exposed Persons (foreign PEPs + domestic PEPs + heads of international organisations) + apply Enhanced Due Diligence including senior-management approval, source of wealth + funds + ongoing review.
Enforced by
Source legislation
Topics
Source: https://austrac.gov.au/business/core-guidance/customer-identification-and-verification/politically-exposed-persons. Rules Mate is not a law firm. Always verify against the live regulator source before acting.