Anti-Money Laundering and Counter-Terrorism Act

The Anti-Money Laundering and Counter-Terrorism Act requirements commenced on 13 December, 2007 and require certain financial service providers to:

• Conduct customer due diligence (including enhanced customer identification and verification procedures and transaction monitoring) prior to providing a designated service;
• Develop and implement appropriate risk management practices;
• Develop and comply with, and AML/CTF program;
• Report suspicious and threshold transaction to the Australian Transaction Reports and Analysis Centre (AUSTRAC);
• Comply with correspondent banking obligations; and maintain adequate records.

Australasian Property Investments Ltd (API) holds an Australian Financial Services Licence, (AFSL) and is required to comply with the Act.

This will include:

• Registering as a provider with AUSTRAC
• Conducting relevant identification checks for all new clients
• Providing compliance reports to AUSTRAC as required
• Developing and implementing a risk management plan

 API has registered with AUSTRAC as a holder of an AFSL and will comply with all requirements of the Act.