Banks and other reporting entities will have to review and change their risk assessment, due diligence and reporting programmes to mirror changes in Anti-Money Laundering and Counter-Terrorism Financing rules due to be introduced in mid-2014.One key change will add "date of birth" to "name" and "address" as searchable customer identifiers to be collected before a service is provided by reporting entities.The new rules will clarify that "the reporting entity must collect and take reasonable measures to verify the beneficial owner's full name and either the date of birth or full residential address."The collection of date of birth information about a customer will entitle the reporting entity to the safe harbour provisions of the act. Reporting entities will also be entitled to assume that retail individual customers are also the beneficial owners of the product they are applying for."All reporting entities will have to review and change their own AML/CTF process and programs to reflect the new rules," said Stephen Watts, partner at law firm Baker & McKenzie.Customer due diligence rules are the current focus of the third stage of a consultation process underway since May 2013. Stakeholders can lodge comments on the second draft of the changes before tomorrow, March 19.