The Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006 became effective on 12 December 2006. The Act imposes numerous obligations on entities that provide a Designated Service (as defined in the AML/CTF Act).
Professional Forex Services Pty Ltd trading as PRFX as a provider of foreign exchange services is a Reporting Entity and therefore is subject to, and complies with, the AML/CTF Act.
The AML/CTF Act requires PRFX to implement and conduct customer identification and verification so that PRFX can be reasonably satisfied as to the identity of its customers.
This legislation has been introduced to ensure that customers are protected from targeted money laundering or terrorism financing campaigns and the legislation proposes to create a safer environment for people to conduct financial transactions.
It is important that you understand the legislative requirements and ensure that whichever financial services company you deal with complies with all the aspects of this new legislation. This will ensure that you are dealing with an entity that has your best interests and security in mind.
The following pages of our website have been designed to give you an overview of what these regulations mean to you. You should read this information regardless of whether you are an existing PRFX client or are considering using PRFX’s service.
If you would like to discuss any aspect of the new legislation in more detail, please contact PRFX directly.
The process for registration requires you to read a copy of our Terms & Conditions, complete and sign an application form as well as read a copy of our Product Disclosure Statement (PDS) and Financial Services Guide (FSG).
The AML/CTF Act requires PRFX to conduct customer identification and verification. To do this we require your personal information and your consent to verify this against government and recognised Australian private sector databases. In some instances we will require from you suitable identification documents. It is important to remember that all Reporting Entities (AFS Licence holders) are required to collect this information as part of their client identification procedures.
For individuals the minimum information we require includes the following:
(1) your full name and/or names used; and
(2) your date of birth; and
(3) your residential address; and
(4) Additional personal information, specific to the database selected by the client.
To provide us with this information, we may request that you provide us with either an original, a certified copy, or simply a copy of:
(A) a primary government issued photographic identification document with the information stated above (such as a drivers licence or passport); and
(B) a secondary identification document (such as a utility bill or bank statement) dated within the last 3 months.
For companies the minimum information we require includes the following:
(1) the full name of the company as registered by the relevant regulatory body;
(2) the full address of the company’s registered office;
(3) the full address of the company’s principal place of business, if any;
(4) the ACN issued to the company;
(5) whether the company is registered as a proprietary or public company;
(6) the name of each director of the company.
For Trusts the minimum information we require includes the following:
(1) the full name of the trust;
(2) the full business name (if any) of the trustee in respect of the trust;
(3) the type of the trust;
(4) the country in which the trust was established;
Please note: The above documentation is in addition to the standard account application forms and accompanying information required for the establishment of a business or individual account. Please refer to those sections of the website for more information.
In certain circumstances PRFX may require certified copies of the documents above and/or additional documentation from you in order to fully meet its KYC obligations. Your PRFX representative will be able to tell you in advance of establishing an account, what is required of you. If you would like to know more about establishing an account or have any questions relating to the documentation required by PRFX, please call us on +613 9975 7500 or email us on firstname.lastname@example.org.
All funds remitted to PRFX for settlement of Foreign Exchange transactions must be via Electronic Funds Transfer – EFT ONLY.
WE DO NOT ACCEPT CASH OR CREDIT CARD PAYMENTS.