In response to the new Anti-Money Laundering and Counter-Terrorism Financing Act, the Financial Planning Association(FPA) has released a toolkit to help its members understand the rules.
The toolkit is designed to provide financial planners with a uniform set of practices that will enable them to meet their obligations under the Act and features:
• the joint FPA/Investment and Financial Services Association (IFSA) customer identification guidance;
• FPA/IFSA standard identification information forms for different customer types;
• online training services in respect of anti-money laundering obligations;
• a website specifically for anti-money laundering matters affecting financial planners (see www.fpa.asn.au), and;
• an explanatory note on financial planner obligations.
The toolkit forms part of a guidance package that has been jointly released by the FPA and IFSA to standardise and streamline the application of legislative requirements applying to both financial planners and product issuers under the new regime.
