AML FAQs

The Act requires us to conduct Customer Due Diligence (CDD) on:

1. our client;
2. any person acting on behalf of our client; and
3. If our client is acting on behalf of someone else, the person on whose behalf the transaction is being conducted.

 
If our client is a company trust, partnership or other business arrangement (we will call this an entity), then we also need to conduct CDD on any person who:

1. owns more than 25% of the entity either directly or indirectly;
2. controls more than 25% of voting rights;
3. can exercise effective control over the entity such as directors, senior executives or people holding certain management positions; and
4. is acting on behalf of the entity such as the employee instructing us or an external property manager who can instruct us on leasing matters.

 
We may also ask about the purpose of the business our client is undertaking and for information about the source of their wealth or the source of funds applied to a transaction or deposit into our trust account.

The Act requires us to:

1. identify the key individuals requiring due diligence;
2. collect prescribed identify information on our client and identified key individuals;
3. prove that the identity information is correct by obtaining documentary evidence; and
4. verify the identity documentation provided.

 
Prescribed identity information for individuals includes:

1. Full name
2. Date of birth
3. Physical address – normal residential address

Prescribed identity information for entities includes:

1. Full legal name
2. Trading name (if different)
3. Principal business address or registered office address
4. Country of incorporation
5. Company identifier or registration number if a registered entity
6. If an unregistered entity such as a trust or partnership, we will require your constituent document (Trust or partnership deed)
7. Legal status and purpose

The easiest and best way to prove your identity is to provide your passport and a copy of a utility bill, rating notice, bank document, or document from a government agency that is addressed to or shows your residential address.
 
If you do not have a passport, other forms of identify information are contained in our identification requirement fact sheets.
 
Verification can be done in one of the following ways:

1. Face to face either at our offices or in a meeting with one of our staff where identification needs to be sighted by a Wynn Williams person in your presence.
2. Where this is not possible you will need to provide certified copies. Certification must be made in your presence by a trusted referee.  Details are contained in our identification requirement fact sheets.
3. If you are not able to provide certified documents or are not able to visit our offices and we hold your consent, we can attempt to verify your identity electronically.

CDD including verification of identity must be completed before we can start work on your behalf when you  ask us to act on any matter involving property (leasing, sale and purchase and occupation rights) or business sale and purchase; formation of trusts companies and other legal entities; matters involving the transfer of funds; business and trust related administration.
 
Your lawyer will summarise what is required when discussing your instructions with you and full details will be confirmed by email or letter along with any forms that need to be completed and signed.