Customer identification requirements for Wealth Accelerator accounts

2 mins read  
Date: 19 October 2016

Anti-Money Laundering and Counter-Terrorism (AML/CTF) rules have been amended and netwealth Investments Ltd (‘netwealth’) will be implementing changes to our processes on 1 January 2016 to meet the AML/CTF obligations.

The main purpose of the revised AML/CTF regulatory changes is to identify the ownership structure of non-individual customers (e.g. Self Managed Super Funds, companies and trusts).

New netwealth identification forms
For each new Wealth Accelerator application the relevant netwealth identification form/s (listed below) are required to be completed and submitted together with the application.

The relevant identification form/s must accompany each Wealth Accelerator application form to enable netwealth to establish the new account for:

1.     Individuals and sole traders
2.     Australian companies
3.     Foreign companies
4.     Australian regulated trust (including SMSF)
5.     Unregulated Australian trusts and foreign trusts
6.     Partnerships and partners
7.     Associations
8.     Registered co-operative
9.     Government body
10.   Verifying officer

The new identification forms will be available on our website under Tools & Resources > Forms & Documents > Wealth Accelerator.

We confirm that development is underway so that information collected via the new identification forms can soon be captured as part of the online application process. We expect this enhancement to be available to advisers in January 2016.