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.
As a reporting entity and provider of financial services, it is part of our obligation to take all reasonable steps to verify the identity of investors we are providing financial services advice and distributing financial products before providing them with these services.
For more detailed information on the AML legislation, please refer to the AUSTRAC website www.austrac.gov.au.
BMAM’s approach to compliance with the AML legislation.
B. Moses requires all private wealth clients and investors seeking to access our financial and investment services, including wholesale financial products, either directly or through a licenced financial adviser to provide identification/verification documentation in compliance with the AML legislation. This form is included in our Financial Fact Find for private wealth clients. Non-advisory client verifications are through a KYC check conducted through a third-party platform when applying to invest directly in one of our Wholesale products. Financial Advisers include an Australian Financial Services (AFS) Licensee or a representative of an AFS Licensee.
When one engages B. Moses to utilise our services, we request identification/verification documentation or other information to verify information in compliance with the AML legislation. B. Moses reserves the right to seek additional information/documents as it believes necessary to comply with the AML legislation.
Where documentation is not in English, the investor/client must provide an English translation from a NAATI accredited translator.
When a client is using a legal personal representative or an appointed agent to act on their behalf, we are required to verify the identity of this nominated person or agent. We cannot act on a nominated legal representative’s instructions until we verify that representative’s identity. Appointed legal representatives include, but are not limited to, executors of estates, attorneys (appointed under a power of attorney), and nominated representatives.