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Anti-Money Laundering and Countering Financing of Terrorism Act

Anti-Money Laundering and Countering Financing of Terrorism Act

Shelley Yeates
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As we mentioned in our December newsletter, we are now required by law to comply with the Anti-Money Laundering and Countering Financing of Terrorism Act.  As accountants we must obtain and verify information from prospective and existing clients about a range of things.  This is what the Act refers to as ‘Customer Due Diligence (CDD)’.  This is basically client identification and verification, using documents, data or information issued by reliable and independent sources.

 

Practically what this means, is that this year when we see you to sign off your financial statements and tax returns, we will be asking you to bring in documentation to verify your identity and address.  For most clients this will mean we will need the following:

  • To sight and take a copy of documentation to prove your identification.  This can be your passport, or if you don’t have one, your birth certificate along with your driver’s licence, or your driver’s licence along with an Eftpos or credit card etc.

  • To sight and take a copy of documentation to prove your address.  This can be a bill such as your rates or electricity bill, or a copy of your bank statement (the important thing is they must have your physical address not a PO Box number).  These documents must be less than 3 months old.

 

When we ring you to make an appointment to come in and sign your financial statements and tax returns this year, we will ask you to bring this documentation in, so we can take copies for our records. 

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