Anti Money Laundering/ Counter terrorism Financing Rules
Scope is required to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and has adopted an anti-money laundering and counter terrorism financing risk management program. The program:
- Sets out the key measures that Scope will apply to assess the AML/CTF risks to its activities;
- Sets out the key measures that Scope will apply to mitigate and control those risks; and
- Explains the way Scope will approach customer identification and verification.
The AML/CTF Act applies to Scope when it issues or transfers interests in syndicates.
As prescribed by the AML/CTF Act, Scope must undertake customer identification procedures for each investor in the Company's syndicates called 'know your customer' identification.
Minimum 'know your customer' identification is required to be collected from each party involved in an issuance or transfer of units. The level of 'know your customer' identification required to be collected will depend on the specific circumstances.
For the 'know your customer' identification requirements applying to individuals, individual trustees, trust beneficiaries, companies or corporate trustees, please click here.
If you have any questions with these new procedures, please do not hesitate to contact this office and ask for the Compliance Officer.