Anti-Money Laundering and Counter-Terrorism Financing Rules
The Anti-Money Laundering and Counter-Terrorism Financing Rules Act 2006 (‘the AML legislation’) aims to detect and address the risk of money laundering and the threat to national security caused by the financing of terrorism.
The AML legislation imposes obligations on a wide range of financial service providers (known as Reporting Entities), including those in the banking, life insurance, managed funds, and superannuation sectors. Key requirements include:
- A process to confirm the identity of clients/investors prior to providing a designated service.
- Undertaking ongoing customer due diligence.
- Reporting any suspicious matters that may arise.
Anti-Money Laundering and Client Verification
As a provider of financial services, the B. Moses Group is required to take reasonable steps to verify the identity of investors before providing financial advice or access to financial products. These obligations arise under Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation.
For more information, please refer to the AUSTRAC website.
Our Approach
B. Moses Group requires all clients and investors, including those accessing wholesale financial products, to complete identity verification in accordance with AML/CTF requirements.
This applies to investors engaging with B. Moses:
- directly; or
- through a licensed financial adviser (including an Australian Financial Services Licensee or their authorised representative).
Verification is conducted through:
- client identification forms as part of the Financial Fact Find (for advised clients); or
- electronic Know Your Client (KYC) checks via approved third-party providers (for direct or non-advised investors).
Verification Requirements
When engaging B. Moses, you may be required to provide identification documents or other information to verify your identity. We reserve the right to request additional information where necessary to meet our regulatory obligations.
Where documents are not in English, an English translation from a NAATI-accredited translator must be provided.
Acting on Behalf of a Client
Where a person is acting on behalf of a client (such as a legal personal representative or authorised agent), we are required to verify the identity of that individual before acting on their instructions.
This includes, but is not limited to:
- executors of estates
- attorneys appointed under a power of attorney
- nominated representatives
B. Moses Group cannot act on instructions from a representative until their identity has been verified.
