The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (‘the AML legislation’) is aimed at detecting and addressing the risk of money laundering and the threat to national security caused by the financing of terrorism.
The AML legislation imposes obligations on a wide range of financial service providers (known as Reporting Entities), including those in the banking, life insurance, managed funds and superannuation sectors. Key requirements include confirming the identity of customers/investors, prior to providing a designated service, undertaking ongoing customer due diligence, and reporting any suspicious matters that may arise.
As a reporting entity and provider of designated services BlackRock is required to take all reasonable steps to verify the identity of investors making applications into the various Funds offered by BlackRock prior to accepting the investment.
For more detailed information on the AML legislation please refer to the AUSTRAC website www.austrac.gov.au
BlackRock’s approach to compliance with the AML legislation.
BlackRock' requires all investors who apply to invest into a BlackRock fund, directly and including where they do so through a financial adviser*, to complete the Investor Identification Form which forms part of the application form for each fund.
* Financial Advisers include an Australian Financial Services (AFS) Licensee or a representative of an AFS Licensee.
During the lifetime of a BlackRock investment we may request identification/verification documentation or other information to verify information in compliance with the AML legislation. BlackRock reserves the right to seek out additional information/documents as it believes necessary in order to comply with the AML legislation.
Where documentation provided is not in English, an English translation from a NAATI accredited translator must be provided.
We are required to verify the identity of legal representatives and agents appointed to act on behalf of an investor. We cannot proceed to act on the instructions of a nominated legal representative until such time as we verify the identity of that representative. Appointed legal representatives include, but are not limited to, executors of estates, attorneys (appointed under power of attorney) and nominated representatives.