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AML Obligations and Managed Investment Schemes
Applies issuers/sellers of interests in managed investment schemes
What’s new?
New Regulations came into effect from 31 January 2008 confirming that companies carrying on a business of issuing or selling interests in managed investment schemes (MIS) are providing a designated service, and are now reporting entites under the Anti-Money Laundering and Counter-Terrorism Act 2006 (AML/CTF Act).
What do you need to do now?
All businesses that provide one or more designated services have obligations under the AML/CTF Act, one of which is to develop and implement a risk based AML/CTF Program.
Your program must be Board-approved and contain processess and procedures for:
- Customer identification and re-verification
- Ongoing customer due diligence
- Training of staff
- Reporting of suspicious matters
- Record keeping
If you are non-compliant?
All reporting entites are required to comply with the Act, Rules and Regulations from the date that they come into effect. However, AUSTRAC will take into account that the regulations took immediate effect (31 January 2008) and you may not have had time to comply fully with all your obligations yet. AUSTRAC will take this into account when considering whether you have taken reasonable steps to comply.
Non-compliant companies are encouraged to approach AUSTRAC, with a view to negotiating a practical solution.
Further information
Certainty Compliance is able to help you develop suitable programs that meet your obligations under the Act. Please contact us at (02) 9238 8091 or enquiries@certaintycompliance.com.au
See the AUSTRAC website for further information on your AML/CTF obligations:
www.austrac.gov.au
The Anti-Money Laundering and Counter-Terrorism Financing Regulations 2008 can be viewed on the ComLaw website:www.comlaw.gov.au