Anti-Money Laundering & Countering Financing of Terrorism
The Anti Money Laundering and Countering Financing of Terrorism (AML & CFT) legislation is a hot topic currently with banks and lawyers already having to comply with the legislation, now it’s our turn!
Accounting firms are the next on the list of professionals coming into effect from 1 October 2018. To comply with these requirements, we are obliged to obtain and verify information including identification, proof of address and source of funds from all of our clients and any additional persons whom they have a business or other formal relationship with (i.e. business partners, trustees etc).
We will be systematically requesting our clients provide this information to us in due course. We understand that there is frustration from individuals that are required to disclose this information to banks, lawyers and now us — real estate agents are next on the list. Please bear with us as it’s not an optional request.