Anti-Money Laundering and Counter-Terrorism Finance

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These new laws are designed to strengthen the ability to detect and prevent money laundering, organised crime and terrorism financing.

As a Public Accountant, Karaco is required by law to comply with this new legislation and as such has implemented new policies and procedures to ensure that we comply with this legislation.

What it means for our clients

When you confirm that you wish to set up any corporate structure, change a structure or update your company’s registered office address, we are required to conduct Customer Due Diligence (CDD) on each party or individual ultimately holding a 25% or more share. This includes shareholders that are not currently a Karaco client.

As part of this process, we will be required to run a formal identification check on each individual, which will include an adverse news check. We will be using BGLID to perform these checks. All checks are securely stored in Australian based servers.

We will notify you if we are required to run a check. If you receive any request for an ID check that are not expecting, always verify the source.

We will also require a new Engagement of Services Letter to be executed, which will include all matters pertaining to this new legislation.

If you have any queries or wish for further information, please contact Nicole Mikoska, our AML/CTF Compliance Officer on 03 9836 5711 or go to Homepage | AUSTRAC.