The Australian Government has implemented the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF) designed to:
• Bring Australia’s AML/CTF system into line with international standards;
• Reduce the risk of Australian businesses being misused for the purposes of money laundering or terrorism financing; and
• Meet the needs of law enforcement agencies for targeted information about possible criminal activity and terrorism.
The goal of most criminal acts is to generate a profit. To enjoy their ill-gotten gains, criminals commonly seek to disguise the illegal source of those profits. Money laundering is the processing of criminal profits to disguise their illegal origins.
Terrorist groups also move funds to disguise their source, purpose and destination. Terrorism financing includes the financing of terrorist acts, terrorists and terrorist organisations.
Both money laundering and terrorism financing are serious crimes. The Australian Transaction Reports and Analysis Centre (AUSTRAC), the Government regulator for AML/CTF has developed a flyer to help investors better understand the legislation.
HoldenCAPITAL Partners is bound by the AML/CTF legislation and as such will need to verify the identity of any new clients, and their beneficial owners, prior to any service being provided. (Changes to the current legislation may, in the future, impose other due diligence procedures or require the collection of further information from investors).
HoldenCAPITAL Partners is using the industry-standard forms created by the Financial Services Council (FSC) and the Financial Planning Association (FPA).
If you have any questions about the new customer identification procedures, please contact us on 1300 HOL CAP or email firstname.lastname@example.org