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Anti-Money Laundering and Counter-Terrorism Financing Act
Identification and Verification
From 12 December 2007, we must verify a client’s identity before providing a client with a designated service. Client identification obligations commence when arrangements are made for a person to receive a designated service i.e. at the implementation stage and not at the advice stage. Depending on the type of client, certain minimal client information will need to be obtained and certain minimal client information will need to be verified. This information needs to be obtained verified and copied before the service can be provided i.e. before the product application form can be submitted to the product provider.
Existing Clients
Although existing clients are exempted under the Act from the identification and verification requirements, please note that the Financial Planning Association's policy and this firm’s policy requires advisers to conduct and supply customer identification. to the product provider irrespective of whether they are a new or existing client of the adviser. Adherence to this policy overcomes the potential problem of the client being an existing client of the adviser but a new client of the product provider.
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