Investments > Anti-money laundering and counter-terrorism financing laws

 

Anti-money laundering and counter-terrorism financing laws

 

What is anti-money laundering and counter-terrorism financing legislation?

The Australia Government has implemented anti-money-laundering and counter-terrorism financing (AML/CTF) laws via Anti-money and Laundering and Counter Terrorism Financing Act 2006 (C'wlth.) to meet international standards and to help protect businesses from being misused for money laundering and terrorism financing.

The Public Trustee is required to comply with the AML/CTF laws which require The Public Trustee, amongst other requirements, to verify the identity of investors making applications into the Public Trustee of Queensland Investment Funds. 

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Why have the laws been introduced?

The Australian Government introduced anti-money laundering and counter-terrorism financing (AML/CTF) laws 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 activity which may be linked to money laundering, terrorism financing and other serious crimes.

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How do I verify my identity?

By verifying your identity you are helping to protect Australian businesses from being misused for the purposes of criminal activity. A Client Identification Form (CIF) will be required to be completed with the necessary identification documentation attached. The identification requirements are contained within the individual CIF’s which are available on The Public Trustee’s website.

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Which Client Identification Form (CIF) do I use?

Investment Type Client Identification Form
Individual Individual or Sole Trader (PDF, 85 KB)

Sole Trader
A sole trader is a single person operating a business under their own name eg John Brown or with a registered business name Brown Exporting

Individual or Sole Trader (PDF, 85 KB)

Trusts and Trustees
Charitable Trusts, Informal, testamentary, Family – (Discretionary and Unit), Deceased Estates, for people under the age of 18 and Nominee/Custody arrangements.

Individual or Sole Trader (PDF, 85 KB)
Partnerships
Partnerships created pursuant to a partnership agreement
Partnerships (PDF, 91 KB)
Associations
Incorporated and Unincorporated Associations
Associations (PDF, 91 KB)
Government Bodies
Local Councils, Public Utilities, Universities and State and Federal Government Departments
Government Bodies (PDF, 82 KB)
Registered co-operatives Registered co-operatives (PDF, 84 KB)
Australian companies
All company types including some charities
Australian companies (PDF, 87 KB) 

 

Where do I get the Client Identification Forms (CIF)?

The forms can be downloaded or by phoning the Investor Hotline on 1800 066 774

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How do I complete the Client Identification Forms (CIF)?

For instructions on completing these forms refer to the “How to Complete” the Client Identification Form (PDF, 80 KB) document (CIF)

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Who can witness?

A document can be certified by any of the people identified below. If the document has more than one page please ensure that the certification identifies the number of pages (for example, ‘I certify this document of [x] pages to be a true copy of the original’).

A certified copy means a document that has been certified as a true copy of an original document by one of the following persons:

  • a person who is enrolled on the roll of the Supreme Court of a State or Territory, or the High Court of Australia as a legal practitioner (however described);
  • a judge of a court;
  • a magistrate;
  • a chief executive officer of a Commonwealth court;
  • a registrar or deputy registrar of a court;
  • a Justice of the Peace;
  • a notary public (for the purposes of the Statutory Declaration Regulations 1993);
  • a police officer;
  • an agent of the Australian Postal Corporation who is in charge of supplying postal services to the public;
  • a permanent employee of the Australian Postal Corporation with 2 or more years of continuous service who is employed in an office supplying postal services to the public;
  • an Australian consular officer or an Australian diplomatic officer (within the meaning of the Consular Fees Act 1955);
  • an officer with 2 or more continuous years of service with one or more financial institutions (for the purpose of the Statutory Declaration Regulations 1993);
  • a finance company officer with 2 or more continuous years of service with one or more financial institutions (for the purposes of the Statutory Declaration Regulations 1993);
  • an officer with, or authorised representative of, a holder of an Australian financial services licence, having 2 or more continuous years of service with one or more licensees;
  • a member of the Institute of Chartered Accountants in Australia, CPA Australia or the National Institute of Accountants with 2 or more years of continuous membership;
  • if the certification occurs in New Zealand: a person before whom a statutory declaration may be made under the law of New Zealand.

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What happens if I do not have identification?

The Public Trustee may not be able to provide the service you require if you are unable to provide the appropriate level of identification required.

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What if I do not provide a Client identification Form (CIF)?

The Public Trustee will not be able to process any transaction until all your identification requirements have been received and are satisfactory to The Public Trustee of Queensland.

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How will your privacy be protected?

The Public Trustee will be required to collect personal information under AML/CTF laws. We are required to handle this information in accordance with the Privacy Act 1988 (Privacy Act).

The Privacy Act regulates the collection, use, disclosure, quality and security of personal information, including for AML/CTF purposes.

More information in relation to the collection of your personal information is provided in the Public Trustee’s privacy policy on this website.

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At a glance – Anti-Money Laundering and Counter-Terrorism Financing Legislation

Australia has implemented the AML/CTF laws to meet international standards and to help protect businesses from being misused for money laundering and terrorism financing.

As a client seeking certain services you may be asked to verify your identity.

By verifying your identity you are helping to protect Australian businesses from being misused for the purposes of criminal activity.

If you require any assistance completing this form, please contact your local office of The Public Trustee of Queensland or the Investment Hotline on 1800 066 774.

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Last published: 12/09/2016 6:35:33 AM