Anti-Money
Laundering (AML) &
Counter Terrorism
Financing (CTF)
With effect from
12 December 2007
the “Anti-Money
Laundering and
Counter-Terrorism
Financing Act”
(the “AML/CTF
Act”) imposes
strict obligations
in relation to
customer
identification.
The objectives of
that AML/CTF Act
are to reduce as
much as possible
the incidence of
money laundering,
counter-terrorism
financing and tax
avoidance. The
AML/CTF Act
imposes
obligations on
entities that
provide financial
services to
sufficiently
identify their
clients.
To meet these
obligations, CDM
Pacific Pty Ltd
has implemented a
number of new
processes aimed at
ensuring we comply
with the AML/CTF
Act. In
particular, we
have changed our
identification
procedures
involving the
collection and
verification of
client
information. To
satisfy the
identification
requirements, we
need to obtain
current, valid,
certified copies
of identification
documents for each
client applicant.
Where the client
is other than a
natural person,
this extends to
the identification
of the persons who
operate the entity
and/or have a
beneficially
interest in the
entity.
These requirements
will affect all
new clients,
however in some
cases we may need
to obtain
additional
information from
existing clients
if we consider
that the
information we
currently hold
does not meet the
new identification
requirements. We
are also required
to keep a record
of the
identification
checks we have
performed and may
be requested by
the relevant
regulator to
produce for
inspection copies
of the information
and verification
details we hold.
AUSTRAC, is the
relevant
regulator. It has
information on the
operation of the
new anti-money
laundering and
counter terrorism
financing laws,
including the AML/CTF
Act, on its
website at
www.austrac.gov.au.
You may find the
AUSTRAC site
useful if you
require further
information on the
AML/CTF Act and
its implications.
Your privacy is of
the utmost
importance to us
and we will
continue to abide
by the
requirements of
the Privacy Act.
Our privacy policy
can be viewed by
clicking on the
relevant link on
our home page.
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