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From 1 July 2018 the Anti-Money Laundering and Countering of Terrorism (Requirements and Compliance) Amendment Regulations 2017 requires us to obtain from all clients:

  1. Documents confirming your name, birth date and address, for example:
  2.     a. Passport; or 
        b. Drivers’ licence and bank card; and
        c. Bank statement or power bill or rates invoice.
    2. If you represent a company or trust, need to provide us extra information on:  

    a. Who we are acting for (that is, the beneficial owners who effectively control or benefit from the trust or                  company). We need you to provide documentation which establishes the following elements:
        i. who owns more than 25 percent of the company;
        ii. who has effective control of the company or trust;
        iii. the persons on whose behalf the transaction is conducted
    b. For these purposes a beneficial owner is an individual who satisfies any one element, or any combination of            the three elements. You need to provide us with information establishes your ownership structure, and                    enables us to understand the ownership at each layer.

3. Where and who the money being provided came from.

 

What happens if I can’t provide the information?
If you cannot provide this information our firm will not be able to complete your transaction for you.

 

What our firm will do with the information
We will keep a secure record of your information, in the same way we already keep other customer information about you.

 

If we notice something that’s a potential warning sign of money laundering or financing of terrorism, by law we must report it to Police.

 

We are required submit a Prescribed Transaction Report to the Police Financial Intelligence Unit (FIU) if a client wants to conduct a transaction in cash that is $10,000 or more, or an international wire transfer of $1000 or more.

The FIU will then analyse the information provided and other relevant details about the transaction or activity to decide which situations need to be referred to investigative branches of Police or other agencies.

If you are not our clients call the experts at Ross Holmes Lawyers for a

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