The introduction of the Anti-Money Laundering and the Anti-Terrorism Financing Act on 12th December 2007 will impose obligations upon Fund Managers, Responsible Entities, Trustees, AFS Licensees and Accountants. There will be obligations imposed upon these bodies to have systems and procedures to allow then to identify and verify investors in breach of the new laws. Whilst this may only impact some clients when opening a bank account or commencing an investment, any assistance provided by an accountant is subject to the new laws. Despite us having known clients for many years, identification and verification obligations will be imposed which will require proof of identity by means other than Tax File Numbers.
23rd-January-2008 | 