Glossary

AML/CTF Rules 2025: AML/CTF Rules 2025 is the current regulation reference used by the tool for current requirements.
AUSTRAC: AUSTRAC is Australia’s anti-money laundering and counter-terrorism financing regulator and publishes AML/CTF requirements.
beneficial owner: A beneficial owner is the real person who owns or controls an entity, even when someone else appears on paper as the official director.
CDD: Customer Due Diligence (CDD) is the process of understanding who your customers are and verifying their identity before onboarding.
EDD: Enhanced Due Diligence (EDD) is deeper customer risk investigation for higher-risk clients, transactions, or services.
PEP: A Politically Exposed Person (PEP) is someone in a prominent public role who may pose elevated AML/CTF risk. Foreign PEPs are often treated as high risk under AML/CTF Rules.
Tranche 2: Tranche 2 refers to AUSTRAC’s July 2026 expansion of AML/CTF obligations to additional professions and small businesses.

AML/CTF Rules 2025