AML / CTF

What are the new laws?

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 require those providing certain financial services to:

• Identify their customers before providing certain services;
• Report certain transactions; and
• Report suspicious matters.

What is Money Laundering and Terrorist Financing?

In practical terms, money laundering is the process whereby criminals attempt to hide and disguise the true origin and ownership of the proceeds of their criminal activities, thereby avoiding prosecution, conviction and confiscation of the criminal funds. The various stages to achieve this are termed placement, layering and integration. Terrorist Financing includes the financing of terrorist acts and of terrorists and terrorist organisations. It involves a person providing or collecting funds where the person is reckless as to whether the funds will be used to facilitate or engage in a terrorist act.

What does the new legislation mean for me?

When applying for units in one of our unlisted property funds, you 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.

How will your Privacy be Protected?

Please refer to our Privacy Policy.

To download the AML/CTF checklist form, please click here.