McR turns 100
McR turns 100

AML/CTF Terms

  1. When do these terms apply

    1. We are subject to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and related rules and regulations (AML/CTF regime).

    2. These AML/CTF Terms apply when steps are taken pursuant to the AML/CTF regime, our AML/CTF Program, and our related policies and processes (together, our AML/CTF Obligations).

    3. These AML/CTF Terms apply in addition to any other terms that apply to our provision of services to you.

  2. Our obligations

    1. To comply with our AML/CTF Obligations we may be required to collect and verify information about you and people related to your matter, beneficial owners, and the nature and purpose of the services you have requested.

    2. We may collect this information directly or we may use a third party service provider (including First AML and any other third party service provider we may appoint from time to time) to collect this information.

  3. Information you provide

    1. You agree to provide us with all information we reasonably request to comply with our AML/CTF Obligations. 

    2. We may request this information before we start providing services to you or during the course of the engagement.

    3. This may include information related to:

      1. identity;

      2. beneficial ownership or control;

      3. source of funds or source of wealth; or

      4. other information reasonably required for us to complete initial or ongoing customer due diligence or to otherwise comply with our AML/CTF Obligations.

    4. You agree to provide us with any relevant updates to the information you provide to us, including in relation to beneficial ownership, during the course of the engagement.

  4. Use of your information

    1. Our Privacy Policy here describes how we will handle personal information.

    2. You acknowledge that:

      1. we have statutory obligations to report certain information to the Australian Transaction Reports and Analysis Centre (AUSTRAC), including in relation to potential money laundering, terrorism financing, proliferation financing and other crimes;

      2. this may require us to disclose your confidential information; and

      3. we are prohibited from informing you that we are considering making, or that we have made, a report to AUSTRAC.

    3. We may be required to disclose information related to your matter to AUSTRAC in our annual compliance report to demonstrate how we have complied with our AML/CTF Obligations.

    4. We are not required to disclose information to AUSTRAC that is subject to legal professional privilege.

  5. Right to decline or cease to act

    1. We may decline to act, suspend our services, or terminate our engagement at any time upon written notice to you if:

      1. we are unable to complete customer due diligence to our satisfaction or in accordance with our AML/CTF Obligations;

      2. we are not provided with information we require to comply with our AML/CTF Obligations or we believe any information provided is false or misleading or cannot be verified;

      3. we determine that the money laundering, terrorism financing or proliferation financing risk associated with the engagement is unacceptable to us; or

      4. we believe that continuing to act for you may breach our ethical duties or professional responsibilities or we may no longer be able act in your best interests.

    2. In some circumstances, the law may prohibit us from providing reasons for terminating our engagement. 
    3. We are not liable for any loss you may suffer arising from our decision to decline to act, suspend our services or terminate our engagement.

  6. Third party service providers

    1. To comply with our AML/CTF Obligations, we may use a third party service provider (including First AML and any other third party service provider we may appoint from time to time) to obtain information and conduct checks and searches including:

      1. to collect and verify identity information provided by you and other people associated with your matter;

      2. to obtain information about you and people or entities associated with your matter, including beneficial ownership information; and

      3. to conduct searches, including relating to sanctions, politically exposed persons, adverse media and credit, as appropriate.

    2. The costs associated with using a third party service provider to obtain this information and conduct these checks and searches will not be passed on to you.