What are Anti-Money laundering laws?
The Government introduced the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) Act 2006. This law requires businesses that provide certain financial services to identify their customers before providing a service, and to report both suspicious transactions and matters.
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.
What do these laws set out do?
Australia has implemented these laws to improve its existing Anti-Money laundering and counter terrorism financing system and bring it in line with international standards. The laws will make it difficult for criminals to use the profits of crime and terrorists to receive money for use in terrorist acts.
What are the requirements of the legislation?
When applying for a new product or service, individual investors must 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.
What are the products and services covered by the laws?
All financial services providers offering products covered by the legislation, including managed investments, superannuation and shares in a listed company or trust, must meet the customer identification requirements. As such all AMP products are covered.
How will AMP safeguard information?
All financial services providers covered by the legislation are required to keep client information in a safe and secure environment, as required by the AML/CTF Act and the current Australian privacy legislation. The current Australian privacy legislation covers the collection, use, disclosure, quality and security of personal information.
What you need to know
This information is solely for the use of the party to whom it is provided and must not be provided to any other person or entity without the express written consent of National Mutual Funds Management Ltd (ABN 32 006 787 720, AFSL 234652) (NMFM).
While every care has been taken in the preparation of this information, NMFM makes no representation or warranty as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Past performance is not a reliable indicator of future performance. This document has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this document, and seek professional advice, having regard to the investor’s objectives, financial situation and needs.
ipac Asset Management Limited ABN 22 003 257 225, AFSL 234655) (IAML) is the responsible entity of the fund(s) and the issuer of the units in the fund(s) and the Product Disclosure Statement(s) (PDS). To invest in the Fund(s), investors will need to obtain and consider the current PDS or other offer document for the relevant Funds(s) available at amp.com.au/investments-pds. The PDS or offer document contains important information about investing in the Funds(s) and it is important that investors read the PDS or offer document before making a decision about whether to acquire, or continue to hold or dispose of units in the Funds(s). A target market determination has been made in respect of the Funds(s) and is available at www.amp.com.au/investments-tmd. Neither IAML, NMFM nor any other company in the AMP Group guarantees the repayment of capital or the performance of any product or any particular rate of return referred to in this document. Past performance is not a reliable indicator of future performance.
All information on this website is subject to change without notice.
The information included on this page was current on the date published within the document or report and issued by the entity identified in the document or report . For up-to-date information, we refer you to the relevant product disclosure statement, target market determination and product updates available at amp.com.au.