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Australia: Updated AEOI guidance, due diligence changes

Australia: Updated AEOI guidance, due diligence changes

The Australian Taxation Office updated automatic exchange of information (AEOI) guidance to incorporate changes made to the due diligence procedures for new individual account self-certifications.

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A reporting financial institution will be deemed to have materially progressed an account opening if an account number is provided to the account holder—unless a block is applied to certain transactions that includes stopping the initial deposit. Reporting financial institutions may remove the block only after receiving a valid self-certification.

Read a November 2020 report [PDF 72 KB] prepared by the KPMG member firm in Australia

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