Anti-money laundering questions and answers
What are the new anti-money laundering laws?
The Government has introduced new laws in the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) Act 2006. The new laws require businesses that provide certain financial services to identify their customers before providing a service and report suspicious transactions.
What is Money Laundering?
Money laundering is the process criminals use to disguise the source of illegally obtained money so that it appears to have come from legitimate sources.
What is Terrorist Financing?
Terrorist Financing is the act of providing financial support to terrorists or terrorist organisations to enable them to carry out terrorist acts.
Why has the new legislation been introduced?
Australia has implemented new laws to improve its existing anti-money laundering and counter terrorism financing system and bring it in line with international standards. The new laws will make it harder for criminals to use the proceeds of crime and terrorists to receive money to carry out terrorist acts.
What does the new legislation mean for me?
When applying for a new product/s, individuals will need to provide verification information such as a certified copy of a passport or driver's licence. For non-individuals such as companies and trusts, more information will be required, for example a certified copy of an ASIC certificate of registration or trust deed. Please refer to the below table for example of documents.
Can a Tax File Number be used to verify my identity?
No. A Tax File Number cannot be used or disclosed to establish or confirm your identity.
Will my personal information be safe?
All financial services providers covered by the new legislation are required to keep client information in a safe and secure environment, as required by the AML/CTF Act and the Privacy Act 1988 (Privacy Act). The Privacy Act covers the collection, use, disclosure, quality and security of personal information. Click here to view Privacy Statement.
AML/CTF Identification and Verification Documentation
If you are investing direct or through a financial planner, adviser or via an authorised representative of Willmott Forests Limited then you will need to provide us with the following identification material for AML/CTF purposes.
Individual
Please provide a certified copy of:
- An Australian Driver's Licence that contains a photograph of the licence/permit holder; or
- An Australian Passport; or
- A foreign Passport or similar travel document containing a photograph and the signature of the person.
Company
Please provide:
- A full company search of the ASIC database showing:
- the full name of the company;
- the ACN;
- the registered office address of the company;
- the principal place of business of a company;
- the names of each director of the company (only for a propriety company),
- If the company is a regulated company, a search of the licence or other records of the relevant Commonwealth, State or Territory regulator;
- If the company is listed, a search of the relevant financial market.
Trust or Superannuation Fund
Please provide:
- Certified copy or certified extract of a trust deed confirming the full name of the trust, the type of trust (i.e. unit trust) and the country where the trust is established;
- The name of each beneficiary of class of beneficiary;
- The full business name of the trustee;
- If the trustee is an individual, please also provide documentation required for individuals (above);
- If the trustee is a company, please also provide documentation required for companies (above).
Partnership
Please provide:
- Certified copy or certified extract of the partnership agreement; or
- a certified copy of certified extract of minutes of a partnership meeting; and
- the full name and residential address of each partner in the partnership; and
- documentation evidencing the full business name of the partnership (where relevant).
Note: Please also provide the documentation required for individuals (above) for one of the partners.
Who can certify your documents?
To have documents certified, please take the original documents and photocopies to any one of the following persons for him/her to certify that they are true and correct copies of the originals:
- (A lawyer) a person who is enrolled on the roll of the Supreme Court of a State of Territory, or High Court of Australia, as a legal practitioner (however described);
- A bank officer with 2 or more continuous years of service;
- (A postal agent) A permanent employee of the Australian Postal Corporation with 2 or more years of continuous service who is employed in an office supplying postal services to the public;
- A bank officer with 2 or more continuous years of service;
- A police officer;
- A teacher employed on a full-time basis at a school or tertiary education institution;
- A finance company officer with 2 or more years continuous years of service;
- An officer with, or authorised representative of, a holder of an Australian financial services licence, having 2 or more continuous years of service with one or more licensees; and
- (An accountant) a member of the institute of Chartered Accountants in Australia, CPA Australia or the National Institute of Accountants with 2 or more years of continuous membership.
The above is a non-exhaustive list obtained from Statutory Declarations Regulations 1993. Please contact us if you unsure as to whom is an appropriate person to certify your documents.
Please note that the certification must be in English and must include the name, address, type of authority (i.e. lawyer or teacher etc) and telephone number of certifying authority.
Faxed copies of certified documents do not comply with our identification requirements and are not acceptable.