Anti-Money Laundering and Counter-Terrorism Financing Legislation

Australia has implemented anti-money-laundering and counter-terrorism financing (AML/CTF) laws to meet international standards and to help protect businesses from being misused for money laundering and terrorism financing.

As a new client seeking services from Bell Potter you may be asked to verify your identity. By verifying your identity you are helping to protect Australian businesses from being misused for the purposes of criminal activity.

If you are an existing client the impact should be minimal, however you may be required to provide additional information when opening a new account or if your circumstances change.

Why has new legislation been introduced?

• Bring Australia’s AML/CTF system into line with international standards.
• Reduce the risk of Australian businesses being misused for the purposes of money laundering or terrorism financing.
• Meet the needs of law enforcement agencies for targeted information about possible criminal activity and terrorism.

Will I need to provide more information?

Bell Potter must meet stringent investor identification and verification requirements using a risk-based approach. This means that prior to opening an account or offering a service, we must be satisfied that you are who you claim to be.A client conducting a transaction may be asked to provide different forms of identification. The level of identification required will depend on the risk level of the transaction.Your adviser is the best person to discuss your identity verification requirements with.

What happens if I do not have identification?

If you are unable to provide the appropriate level of identification required by legislation Bell Potter may not be able to provide the service you require or your application may be delayed where identification documents are inadequate.

How will privacy be protected?

Bell Potter is subject to the Privacy Act 1988 (Privacy Act). The Privacy Act regulates the collection, use, disclosure, quality and security of personal information.

More information about the collection of your personal information is provided in Bell Potter’s Privacy Policy.