Legal Disclosures
Know Your Customer (KYC) obligations
Lombard Securities Ltd (LSL) complies with the Australian Government anti-money laundering and counter-terrorism financing laws to reduce the risk of Australian businesses being misused for the purposes of money laundering or financing terrorism. This requirement is `part of the Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Act 2006, bringing Australia in line with international standards.
 
Terms and conditions for verifying clients
  1. Under the AML/CTF Act we need to identify and verify all new investors using the Financial industry standard IFSA/FPA Identification Forms for identifying new investors;
  2. Retain the completed forms in the client's file for 7 years after the end of our relationship with the client;
  3. Provide a copy identification records if requested by the authorities.
Anti Money Laundering legislation compliance requirements
 
The anti-money laundering and counter-terrorism financing (AML/CTF) reforms introduced by the Australian Federal Government in 2006 are aimed at addressing the risk of money laundering in Australia and the threat to Australian national security caused by the financing of terrorism.  The legislative framework was put in place through the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, known as AML/CTF.
 
 Financial Advisers obligations include:
  • Customer due diligence: identification, verification of identity and on going monitoring of transactions;
  • Reporting suspicious matters, threshold transactions and international funds transfer instructions;
  • Record keeping; and
  • Establishing and maintaining prescribed AML/CTF compliance program
 National Privacy Principles
 
LSL also complies with the provisions of the Australian Privacy Act (1988) for the protection of consumers’ & individuals’ information.
 
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