The Anti-Money Laundering and Counter Terrorism Financing Act 2006 requires Magellan to verify the identity of every customer who makes an investment directly with the registry. As outlined in the relevant fund’s PDS, original certified copies of relevant identification documents are required. However, in response to the COVID-19 pandemic, AUSTRAC has notified reporting entities of relief available to the methods we currently use to identify customers.
Magellan’s identification documentation requirements depend on your customer type (e.g individual, company, trust etc). We will ask for AML/CTF documentation to be provided in relation to new investments made directly with the registry.
For investors wishing to transact directly with the registry who have not supplied AML/CTF documentation at the point of investment (e.g. investors who purchased units on-market and subsequently converted to an Issuer Sponsored holding), we will ask for AML/CTF documentation prior to accepting your withdrawal request, additional application, or transfer request.
Where the requirement specifies original certified copies of identification documentation the below photo method (“selfie”), along with scanned copies or photos of the relevant documents can now be substituted:
The specifications for a valid photo are as follows:
If the photo is unclear, too dark, or not comparable with the provided identification, then AML verification will not be passed, and the request will not be accepted. Processing will take place effective the day satisfactory identification is provided (by 2pm) and for new investments, cleared funds are also received. Our registries will notify you if the AML identification documentation is not acceptable.
Documents are to be sent as attachments on email to the registry details outlined on the form.