Customer identification requirements
All customers applying for a product must now complete a customer identification form and provide any required identification documents, in addition to the product application form. Customers only need to complete this process once.
This is to comply with our obligations under the Anti-Money Laundering(AML) and Counter-Terrorism Financing (CTF) Act that requires financial services providers and financial advisers to verify the identity of customers.
What identification do customers need to provide?
When will you need to start using the customer ID forms?
How do I get an ID document certified?
What is AML/CTF?
Adviser requirements
Advisers must either complete the ‘record of verification procedure’ section in the ID forms or send in certified copies of customer ID documents.
What do advisers have to do when clients apply for a product?
Will Perpetual accept other customer identification forms?
Can an adviser certify a copy of a customer ID document?
Forms added to Product Disclosure Statements (PDSs)
We have inserted customer ID forms for individuals/sole traders into both our printed and web-based product disclosure statements (PDSs). Customer ID forms for trusts will also be inserted in most PDSs.
For further information call
Investor Services 1800 022 033
Adviser Services 1800 062 725
Other questions you may need answers to
What is a designated service?
What is Perpetual doing about AML/CTF?
What is customer identification (KYC)?
What identification do customers need to provide?
Customers must provide the identification documents (eg current driver’s licence or passport) as requested in the relevant customer ID form (eg individuals, trusts). These ID documents must be verified by a financial adviser completing the ‘record of verification procedure’ in the ID form or copies of ID documents certified by an eligible person, such as a legal practitioner or Justice of the Peace, must be submitted with the application.
Do both joint investors have to fill out a customer ID form?
Yes. Joint investors each need to fill out an individuals/sole traders ID form and provide the required ID documents.When will you need to start using the customer ID forms?
Forms available from 1 July 2008
- Customer ID forms for individuals/sole traders have been inserted into hard-copy and web copies of our PDSs. Customer ID forms for Trusts have also been inserted into most PDSs.
- If advisers have current PDSs they will have to download the relevant ID form. Customer ID forms for all client types (eg partnerships, companies) can be downloaded from the links above.
Transition until 30 September 2008
- Up until 30 September 2008 we will continue to accept applications without completed customer ID forms. However, if we do not receive the completed customer ID forms, and ‘record of verification procedure’ or customer ID documents, we will contact advisers and/or clients at a later date to obtain them.
Full implementation from 1 October 2008
- From 1 October 2008, if we receive applications without the completed customer ID forms and verification record or ID documents, we will not be able to accept the application, unless they have previously been identified. We will contact the adviser and/or client to obtain the required documents and if we do not receive them within 30 days of the application we will return the client’s money.
- From 1 October 2008 we will also have a project team working with dealer groups and advisers to verify the identity of any super and pension clients who joined since 12 December 2007 and for investments clients who joined since 31 January 2008.
A certified copy is a document that has been certified as a true copy of an original document. To certify a document, take the original document and a photocopy to one of the people listed below and ask them to sign the photocopy as a certified true copy or certified extract, and print their name, date and the capacity in which they are signing, eg postal agent, Justice of the Peace.
People able to certify a document:
- (a postal agent) an agent of the Australian Postal Corporation who is in charge of an office supplying postal services to the public
- (the post office) a permanent employee of the Australian Postal Corporation with 2 or more years of continuous service who is employed in an office supplying postal services to the public
- an officer with, or authorised representative of, a holder of an Australian financial services licence, having two or more continuous years of service with one or more licensees
- a finance company officer with two or more continuous years of service with one or more financial companies (for the purposes of the Statutory Declaration Regulations 1993)
- an officer with two or more continuous years of service with one or more financial institutions (for the purposes of the Statutory Declaration Regulations 1993)
- an Australian consular officer or an Australian diplomatic officer (within the meaning of the Consular Fees Act 1955)
- A lawyer who is enrolled on the roll of the Supreme Court of a State or Territory or High Court of Australia, as a legal practitioner (however described)
- a judge of a court
- a magistrate
- a chief executive officer of a Commonwealth court
- a registrar or deputy registrar of a court
- a Justice of the Peace
- a notary public (for the purposes of the Statutory Declaration Regulations 1993)
- a police officer
- an accountant who is a member of the Institute of Chartered Accountants in Australia, CPA Australia or the National Institute of Accountants, with two or more years of continuous membership. Return to top
What do advisers have to do when clients apply for a product?
Advisers have the following two options:
1. Complete the ‘Record of verification procedure’ in the relevant customer ID form and send this to Perpetual along with the product application. Please note – if the client has provided any customer ID documents that were not used for the verification procedure, these must also be forwarded to us with the application forms.
2. Send copies of all documents received from the client, along with the Customer ID form and the client’s application form to Perpetual.
Will Perpetual accept other customer identification forms?
We will accept correctly completed IFSA/FPA forms that were jointly produced by the Investment and Financial Services Association and the Financial Planning Association.
Can an adviser certify a copy of a customer ID document?
Under the AML/CTF legislation an adviser can certify a customer’s ID documents if they are ‘an officer with, or authorised representative of a holder of an Australian financial services licence, having two or more continuous years of service with one or more licensees’. If a financial adviser is not eligible to certify a customer’s required ID documents they must be certified by another eligible person and be submitted with the application and completed ID forms.
What is AML/CTF?
AML stands for Anti-Money Laundering. CTF stands for Counter Terrorism-Financing. The Federal Government’s AML and CTF Act (2006) requires financial services providers such as Perpetual to implement processes to identify and manage the risks of our products and services being used for money laundering or terrorism financing.
The regulator responsible for overseeing compliance with the AML/CTF legislation is AUSTRAC, the Australian Transaction Reports and Analysis Centre.
For more information on AML/CTF visit www.austrac.gov.au
What is a designated service?
The AML/CTF Act regulates the provision of the following designated wealth management services:
- Acting as an agent for the acquisition or disposal of securities or derivatives.
- Issuing or selling a security or derivative (ie managed investment scheme).
- Accepting payment for the establishment of a new pension or annuity.
- Making a payment to a person under a pension or annuity.
- Accepting a contribution, roll over or transfer into a superannuation fund (other than SMSF).
- Cashing the whole or a part of an interest in a superannuation fund (other than SMSF).
- Providing a custodial service.
- Making arrangements for a person to receive a designated service as an AFSL holder.
What is Perpetual doing about AML/CTF?
We have established a group-wide compliance program involving changes to systems, processes, documentation and reporting.
We are working closely with our staff, advisers and other entities to ensure we comply with the AML/CTF Act while minimising disruption to advisers and clients.
What is customer identification (KYC)?
The AML/CTF Act requires designated service providers to verify the identity of customers through documented processes. The AML/CTF legislation refers to these requirements as ‘Know Your Customer (KYC)’.
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