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Glossary

Every term used in this knowledge base, alphabetically. Each definition links to the page that covers it in full, so this page is for checking a word rather than learning a topic.

For the dates, see Deadlines. For what the product does not do, see Known limitations.

A

ACR (Annual Compliance Report) The firm level report on your compliance with your obligations over a reporting period. Every reporting entity is on a financial year period, and the submission window is 1 July to 30 September each year. Full page: Reporting

AML/CTF Anti-money laundering and counter-terrorism financing. The Australian regime is set out in the AML/CTF Act 2006, its regulations, and the AML/CTF Rules 2025. Full page: What Duely is

AML/CTF program The document a reporting entity must develop and maintain, covering its risk assessment and its policies. Duely produces it through the program builder, and approving it creates a version. Full page: Build your program and Program builder

AMLCO (AML/CTF Compliance Officer) The person designated by a reporting entity as responsible for its AML/CTF program, with duties including reporting to the governing body at least every 12 months. Must be appointed within 28 days of the firm starting to provide a designated service, and AUSTRAC notified within 14 days of the designation. For a Tranche 2 firm's first AMLCO, AUSTRAC's transitional rule allows until 29 July 2026 or 14 days after enrolling, whichever is later. Full page: Appoint your AMLCO

AUSTRAC The Australian Transaction Reports and Analysis Centre, the regulator that administers the AML/CTF regime. Firms enrol with AUSTRAC and lodge reports with it. Full page: Enrol with AUSTRAC

B

Beneficial owner A person who ultimately owns or controls a customer that is not an individual. Identifying beneficial owners is one of the matters the law requires you to establish about a customer. Full page: Customer due diligence

BOC (beneficial ownership and control) The structure behind an entity customer: who owns it and who controls it. In Duely it is recorded as a tree of nodes with ownership percentages, and the structure must be committed before the entity can be added to a matter. Full page: Onboarding a customer

Business day A day that is not a weekend, a bank holiday, or a public holiday in the place concerned (s 5). Several deadlines run in business days rather than calendar days, which makes them longer than they first appear. Duely excludes national public holidays only. State and territory holidays are not excluded, so a due date Duely shows can be earlier than the legal deadline, never later. Full page: Reporting

C

CBM (Cross-Border Movement report) A report required when monetary instruments of AUD 10,000 or more are moved into or out of Australia. It applies even where the movement is unrelated to a designated service. Full page: Reporting

CDD (Customer Due Diligence) The obligation to identify and verify a customer, and to understand the nature and purpose of the engagement, before providing a designated service. Initial CDD under s 28 also covers beneficial owners, PEP and sanctions status, and the ML/TF risk the customer poses. Verification has two limbs: matching the customer's details against reliable sources, and confirming the person is who they claim to be. Full page: Customer due diligence

Controller A person who exercises control over an entity customer by means other than ownership, such as through a trust arrangement or by directing decisions. Recorded alongside beneficial owners in the BOC structure. Full page: Onboarding a customer

D

Delayed CDD A limited exception allowing a firm to commence providing a designated service before completing initial due diligence, where the conditions in the Act are met and the Rules specify a window. Not a routine option. Full page: Customer due diligence

Designated service A service listed in the Act that brings a firm within the AML/CTF regime when it provides one. The obligation attaches to providing the service, not to having a client relationship. Full page: Obligations overview

Duely A system of record for AML/CTF compliance. It structures the work, records the decisions behind it, and produces an audit-ready evidence pack. Full page: What Duely is

E

ECDD (Enhanced Customer Due Diligence) Additional measures applied where a customer or engagement is assessed as high risk. In Duely it is additive rather than a restart: the underlying identification and verification work does not need repeating. Full page: Customer due diligence

Engagement See Matter. The interface uses whichever term suits the firm's vertical.

Evidence pack A versioned snapshot of everything recorded against a matter at a point in time. It is stamped with a SHA-256 hash of the PDF, so you can confirm the file has not been altered since it was produced. Full page: Evidence packs

F

Firm setup attestation The four statements a firm must accept once during firm setup. Until they are accepted, identity verification and screening are refused for the whole firm, including by a direct API call. Full page: Firm setup

I

Identity binding The product's record of the second limb of due diligence: on what basis you confirmed the person you dealt with is the person their details belong to. A verification run cannot be marked Verified while its binding basis is Not satisfied. Full page: Verifying identity

IFTI (International Funds Transfer Instruction report) A report on an international funds transfer instruction. It falls on the institutions that send or receive the instruction, including remittance providers, so it is not an obligation most professional services firms carry. IFTI reporting continues under the Transitional Rules until it moves to international value transfer service (IVTS) reporting. Full page: Reporting

L

LPP (legal professional privilege) A ground on which information may be withheld from a report. Where part of the grounds for a suspicion is privileged and the privilege belongs to someone other than the reporting entity, the deadline extends and an LPP form accompanies the report. Full page: Reporting

M

Matter One engagement with one customer. Obligations attach to the engagement rather than to the customer, because the same customer can have several engagements with different risk profiles. Full page: Creating a matter

Method path How a verification was performed: Electronic data, Documentary, or Manual. Documentary and Manual runs require a written rationale. Full page: Verifying identity

Monitoring Queue Where per matter customer due diligence follow-ups appear. Distinct from the Action Center, which holds firm level deadlines on a cadence. Full page: Compliance calendar

O

Ongoing customer monitoring The obligation to monitor customers and review what you know about them, so that changes in their circumstances are noticed. Duely raises reviews when a customer's circumstances change rather than watching a feed of payment transactions. Full page: Customer due diligence

Onboarding The flow that takes a customer record from basic details through to a due diligence baseline. It runs in steps, and one of them applies only to entities. Full page: Onboarding a customer

P

PEP (politically exposed person) A person entrusted with prominent public functions, and their family members and close associates. Whether a customer or beneficial owner is a politically exposed person is one of the matters the law requires you to establish. A PEP is always an individual. For an entity customer, the check applies to its beneficial owners and the people acting on its behalf. Full page: Customer due diligence

Personnel due diligence Due diligence on the people your firm employs or engages who perform functions relevant to its obligations. It is required before a person is appointed AML/CTF Compliance Officer, and it gates higher stakes decisions such as suspicious matter report submission. An AMLCO whose personnel due diligence is not current can still submit a terrorism financing report, or any report due within 24 hours, and Duely records the override. It is not a condition of program approval. Full page: Appoint your AMLCO

Pre-commencement customer A customer already receiving designated services when the obligations commenced. The Act treats them separately rather than requiring due diligence on the whole back book at once. Full page: Customer due diligence

Proliferation financing The financing of the proliferation of weapons of mass destruction. It sits alongside money laundering and terrorism financing as a risk the program must address. Full page: Build your program

R

Reporting entity A firm that provides a designated service, and which therefore carries the obligations in the Act. Full page: Obligations overview

Retention anchor The date on the matter from which its seven year record-keeping period runs, set when the engagement concludes or the business relationship ends. Full page: Record keeping

Risk assessment The firm's assessment of the money laundering, terrorism financing and proliferation financing risk it reasonably faces. It forms part of the AML/CTF program, and individual customers and engagements are assessed separately. Full page: Review and evaluation

S

Sanctions Targeted financial sanctions designations. Whether a customer or beneficial owner is a designated person is one of the matters the law requires you to establish, and screening checks against these lists. Full page: Screening

Scoping decision The recorded determination of whether an engagement involves a designated service. You classify each service involved and the product derives the conclusion: at least one designated service means InScope, all non-designated means OutOfScope. Full page: Creating a matter

SMR (Suspicious Matter Report) A report required when a reporting entity suspects on reasonable grounds that a customer is not who they claim to be, or that information it holds may be relevant to investigating or prosecuting an offence, tax evasion, money laundering, terrorism financing, or proceeds of crime (s 41(1)). The threshold is suspicion, not proof. Full page: Reporting

Superseded version A program version that has been replaced by a later approved version. It is retained rather than deleted, so you can answer both what the program says now and what it said at a point in the past. Full page: Program builder

T

Tipping off A criminal offence under s 123 of the AML/CTF Act 2006: disclosing that a suspicious matter report has been, is being, or will be made, where the disclosure could prejudice an investigation. It binds everyone in the firm, and it starts when the suspicion is formed. Full page: Reporting

Tranche 2 The second wave of industries brought into the AML/CTF regime. Obligations commenced on 1 July 2026, and enrolment opened on 31 March 2026. Full page: Obligations overview

Trust account An account holding money on behalf of a client. Receiving, holding or managing client money in a transaction is a designated service, so it brings the AML/CTF obligations into play. Full page: Accounting

TTR (Threshold Transaction Report) A report required when a designated service involves physical currency of AUD 10,000 or more. It does not cover electronic transfers, cheques, or bank card transactions. Full page: Reporting

V

Verification Establishing that a customer is who they claim to be. In Duely a verification run records the check performed, the method path, the result, and the identity binding basis. Full page: Verifying identity