The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 require businesses operating in the financial sector such as fund management companies to obtain, verify and record information that identifies customers.
How does this affect you?
Fund managers will now require you to provide additional identification documents when you submit your investment application and may not process your application unless the additional identification documents are received . These vary across fund managers so please refer to individual application forms for identification requirements.
What are the identification requirements?
In general, individual applications needs to be accompanied by a certified photocopy of your driver's licence or passport
. The authorised certifier should:
- Write “I certify that this is a true and correct copy of the original”
- Date the form
- Sign and write their name in block letters
- Write their position and ID number if relevant
This is applicable to new clients making new investments, existing clients making new investments and existing clients adding to your existing investments. Failing to provide this information means that fund managers will be unable to process your requested investment application until it is provided.
Any of these people have the authority to sight and certify your supporting documents:
- a person who is enrolled on the roll of the Supreme Court of a State or Territory, or the High Court of Australia, as a legal practitioner;
- a judge of a court;
- a magistrate;
- a chief executive officer of a Commonwealth court;
- a registrar or deputy registrar of a court;
- a Justice of the Peace;
- a notary public;
- a police officer;
- an agent of the Australian Postal Corporation who is in charge of an office supplying postal services to the public;
- 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;
- an Australian consular officer or an Australian diplomatic officer;
- an officer with 2 or more continuous years of service with one or more financial institutions;
- a finance company officer with 2 or more continuous years of service with one or more finance companies;
- 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;
- 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.
If you are uncertain about a fund manager's identification requirements, please feel free to contact our office.