Costs to the customer to As per option 2. 24,000 new customers E-verification: $37,200 provide CDD information affected per annum x 0.05 hours (3 mins) per customer. (TOTAL: 1200 hours) 10% of all new customers Follow up processes: (4,800 new customers) x 0.16 $23,808 (10 minutes) (TOTAL: 768 hours) TOTAL: $61,008 DEREGULATION OF THE CIT SECTOR OFFSET – TOTAL: ($326,414,010) Item Savings Number of Total Justification affected entities CAPITAL SAVINGS Understand AML/CTF - - - Obligations - - - Register - - - Program development - - - IT Upgrades - - -
Costs to the customer to provide CDD information 24,000 new customers affected per annum x 0.05 hours (3 mins) per customer. (TOTAL: 1200 hours) 10% of all new customers (4,800 new customers) x 0.16 (10 minutes) (TOTAL: 768 hours) E-verification: $37,200 Follow up processes: $23,808 TOTAL: $61,008 As per option 2. DEREGULATION OF THE CIT SECTOR – OFFSET TOTAL: ($326,414,010) Item Savings Number of affected entities Total Justification CAPITAL SAVINGS Understand AML/CTF Obligations - - - - - - Register - - - Program development - - - IT Upgrades - - -
anti-money_laundering_and_counter-terrorism_financing_amendment_ris.docx