Secure-RAG

The supplied AUSTRAC material describes enhanced CDD measures that may include collecting or verifying additional KYC information; obtaining information on the destination of transfers of value; obtaining reasons for certain transactions or services; collecting or verifying source of funds and source of wealth information where relevant; taking additional steps to understand background, ownership and financial situation; conducting more in-depth transaction and behaviour monitoring; increasing review frequency; and updating KYC information more frequently. Measures should be informed by why the customer is high ML/TF risk and should actively manage and mitigate the risk, not merely add monitoring. Appropriate responses can include declining a designated service outside risk appetite, transaction limits for physical cash, and escalation to senior management.