Posted in Legal.

Anti-Money Laundering and Countering Financing of Terrorism Act 2009

The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) comes into effect on 30 June 2013.

The objectives of the AML/CFT Act are:

Of course we must make sure we comply with the Act and have a clearly documented system in place so if anyone wants to check they can see that we are compliant. We will be subject to a bi-annual external audit.

Check boxesEssentially we must be able to prove that we know our clients:

Be prepared, any financial service provider you want to deal with in the future, such as your bank, is also going to want proof of your ID, physical address and bank account.