Secure-RAG

Based on the supplied AUSTRAC guidance, enhanced CDD must be applied in specified circumstances, including when the customer’s ML/TF risk is high; when a foreign politically exposed person (PEP) is the customer, beneficial owner, person on whose behalf the designated service is received, or person acting on behalf of the customer; when relevant persons are physically present in or formed in a high-risk jurisdiction identified by FATF as requiring enhanced CDD; when a designated service is part of a nested services relationship; when transactions are unusually complex or large, have no apparent economic or legal purpose, or show an unusual pattern; and when an SMR is required and the reporting entity intends to continue providing the designated service. ECDD may be required during initial CDD, ongoing CDD, or both. An SMR does not have to wait for ECDD to finish.