Beyond Basic VOI: Meeting AUSTRAC’s Customer Due Diligence Standards in Property Matters
Description
Overview:
Before the new Tranche2 AML/CTF reforms kicked in recently, lawyers and conveyancers only had to do VOI, which basically only involves getting a copy of the client's ID and actually seeing them sign the transfer documents. What has changed and how it impact you?
CPD Units: 1
Agenda
- 4:00 am - 4:15 am
Introductions
15 mins of introductions setting expectations.
- 4:15 am - 5:15 am
Main Session
Main training session of 1hour.
- 5:15 am - 5:30 am
Q&A Session
Q&A Session
FAQs
- 1. How does this training go beyond a standard VOI check?
You will learn how to bridge the gap between standard ARNECC and verification of identity processes and the broader customer due diligence obligations required by AUSTRAC.
- 2. Will the session cover beneficial ownership?
Yes. The session will explore practical methods for identifying ultimate beneficial owners across companies, trusts, nominee arrangements and other complex ownership structures.
- 3. How can firms verify source of funds and source of wealth?
You will be introduced to simple, proportionate workflows for verifying funds and wealth while maintaining a professional and positive client experience.
- 4. What AML/CTF red flags will be covered?
The session will examine indicators commonly found in property matters, including unfinanced purchases, unusual transaction structures, high-risk clients and third-party payer risks.
- 5. What practical outcomes can attendees expect?
You will leave with practical guidance to help protect your firm, streamline client onboarding and build an AUSTRAC-aligned customer due diligence workflow that can be applied immediately.
- 6. How many CPD units will I get from this course?
1 CPD unit for self-reporting.
- 7. Will a get a certificate be issued?
Yes, a digital certificate will be issued to participants completing this training.
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