Understanding Ulton's AML/CTF obligations
Why are we asking for this information?
You may notice that we're asking for some additional information or identification documents when establishing a new entity or providing certain services.
These requirements are part of Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation, which now applies to professional service providers like Ulton.
While this may be different to your previous experience, these checks are a legal requirement and form part of our client onboarding process.
What information might you be asked to provide?
Depending on the service you're engaging us for, we may ask you to provide:
- Proof of identity, such as a driver's licence or passport.
- Information about directors, shareholders, trustees, appointors or beneficiaries.
- Documentation relating to existing companies, trusts or other entities.
- Additional information required to meet our regulatory obligations.
The information we request will vary depending on your circumstances and the services we are providing.
How does the process work?
To help make the verification process secure and efficient, Ulton uses Easy AML, a trusted third-party identity verification platform.
If verification is required, you'll receive an email with instructions to complete the process. This may include answering a few questions and securely uploading identification documents.
Completing these requests promptly will help us progress your matter as quickly as possible.
Will this affect timeframes?
The additional verification requirements may mean there is more time involved before we can establish a new entity or commence certain services.
Providing the requested information as early as possible will help minimise delays, and our team will keep you informed throughout the process.
Supporting you through the process
We understand that providing additional information can feel like an extra administrative step.
Our team is committed to making the process as straightforward as possible while ensuring we meet our legal obligations. We'll guide you through what's required, answer any questions you may have, and continue to provide the trusted advice and support you expect from Ulton.
If you have any questions about the AML/CTF requirements or what they mean for your circumstances, please speak with your usual Ulton adviser.
If you have any questions about the new AML/CTF requirements or how they may affect you, please speak with your usual Ulton adviser.
