The Anti-Money Laundering and Counter Terrorism Financing Act 2006 requires Magellan to verify the identity of every customer who opens an account. 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) and are detailed in the New Investor Application Form. Where our New Investor Application Form specifies original certified copies of identification documentation are required, 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:
Documents are to be sent as attachments on email to email@example.com.
If the photo is unclear, too dark, or not comparable with the provided identification, then AML verification will not be passed, and the application will not be accepted. Applications will be processed effective the day we receive cleared funds, a completed New Investor Application Form, and satisfactory identification documentation provided for ALL account owners. Our registry will notify you if the AML identification documentation is not acceptable.