Preventing money laundering is everyone's business
The Australian Government has implemented Anti Money Laundering and Counter Terrorism Financing (AML/CTF) legislation designed to reduce the opportunity of money being generated through illegal activity from being converted into legitimate or clean funds. By combating money laundering the government also aims to reduce crime and prevent the use of funds to finance terrorist activity.
The IOOF group complies with its AML obligations and has an AML compliance program in place. For information in relation to IOOF's AML compliance program click here.
New AML legislation impacts the entire financial services industry
As of 12 December 2007, the Australian financial services industry is required to capture and retain specific customer information for new clients applying for products and services. This process is generally referred to as 'know your customer' or KYC.
IOOF, along with the majority of financial services organisations, will be using new identification forms to fulfil our obligations in this respect.
The identification form must be completed for all new clients
The new identification forms capture information relevant to the client/customer type and no new accounts can be opened without the appropriate form being completed.
The identification forms are based on the client/customer type outlined in the table below. Please click on the forms to download.
(Note: IOOF is using the industry-standard forms created by the Investment and Financial Services Association (IFSA) and the Financial Planning Association (FPA).)
| AML Identification Form | To be completed by client / customer type |
|---|---|
| Individuals & Sole Traders | Individuals and sole traders - For use by Advisers |
| Individuals & Sole Traders | Individuals and sole traders - For use by direct investors, account representatives and cash withdrawals |
| Companies | Domestic and foreign companies |
| Trusts | Trusts |
| Partnerships | Partnerships |
| Associations | Incorporated and unincorporated associations |
| Registered Co-operatives | Registered Co-operatives |
| Government Bodies | Government bodies |
| AML identification forms for Trusts | To be completed by client / customer type |
| IOOF has taken the IFSA / FPA identification form for Trusts and produced multiple versions for the different Trust / Trustee types. To assist advisers and clients in completing the forms, only unshaded areas need to be completed. | |
| Trust - Registered Scheme - Corporate Public Trustee | Registered Managed Investment Scheme with Corporate Public Trustee |
| Trust - SMSF / RSE Registered Fund - Corporate Pty Ltd Trustee | Regulated Trust (ie Self Managed Super Funds, Registrable Superannuation Entities (RSE) Registered Funds) with Corporate Trustee (Pty Ltd) |
| Trust - SMSF / RSE Registered Fund - Corporate Public Trustee | Regulated Trust (ie Self Managed Super Funds, Registrable Superannuation Entities (RSE) Registered Funds) with Corporate Trustee (Public) |
| Trust - SMSF / RSE Registered Fund - Individual Trustee | Regulated Trust (ie Self Managed Super Funds, Registrable Superannuation Entities (RSE) Registered Funds) with individual Trustee |
| Trust - Government Super Fund - Board of Trustees | Government Superannuation Fund with Board of Trustees |
| Trust - Other Trusts - Corporate Pty Ltd Trustee | Other Trust Types (ie Family Trust, Charitable Trust, Deceased Estate) with Corporate Trustee (Pty Ltd) |
| Trust - Other Trusts - Corporate Public Trustee | Other Trust Types (ie Family Trust, Charitable Trust, Deceased Estate) with Corporate Trustee (Public) |
| Trust - Other Trusts - Individual Trustee | Other Trust Types (ie Family Trust, Charitable Trust, Deceased Estate) with Individual Trustee |
| Trust - Wholesale Trust - Corporate Pty Ltd Trustee | Wholesale Trust with Corporate Trustee (Pty Ltd) |
The identification forms are also available from this web site where you download our PDSs.
The Australian Transaction Reports and Analysis Centre (AUSTRAC), the Government regulator for anti-money laundering and counter terrorism financing, have developed a flyer to help investors better understand the new legislation - click to download. In addition, IOOF has also developed a simple flyer to help investors understand the Group's response to the new legislation - click to download.
If you have any questions about the new customer identification form, please call one of our Client Services Officers:
Advisers: 1800 659 634
Investors: 1800 062 963
Frequently asked questions
When does the identification form need to be completed?
From 12 December 2007, the identification form (including the appropriate verification information) is required to be completed for all new clients applying for a product or service.
What happens if the identification form is not supplied?
Under AML/CTF legislation, from 12 December 2007 (inclusive), IOOF will not be able to open an account for an applicant if the identification form is not supplied.
What forms of identification are acceptable?
Different verification requirements apply to the different customer types. IOOF is using the industry standard list created by IFSA and the FPA. The applicable verification requirements are outlined in the explanatory notes on each of the identification forms.
What do existing clients need to do?
If you hold a product or service with IOOF as at 11 December 2007, you are defined as a 'pre-commencement client'. Such clients are not required to complete an identification form unless the product or service they are applying for is issued by a different IOOF entity. (Note; some of our products are offered by IOOF Investment Management Limited and others by IOOF Ltd).
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