Foundation Life must comply with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act 2009).
Anti-Money Laundering and Countering Financing of Terrorism legislation has been introduced in a majority of countries around the globe. The legislation sets out obligations that financial institutions must meet to help mitigate the risks of Money Laundering and the Financing of Terrorism. To prevent fraud, money laundering and the financing of terrorism, Foundation Life needs to conduct due diligence on our customers (referred to as CDD). We do this by collecting, verifying and retaining identification information about our customers. CDD must be completed before establishing or continuing with the business relationship.
When is Foundation Life required to collect information?
Foundation Life is required to collect customer information when;
- Taking on a new customer, including transferring ownership to a new owner or a power of attorney acting on behalf of an existing customer
- There is insufficient information on an existing customer
- A customer withdraws (either full or partial) from a Foundation Life policy
- There is a material change in the business relationship Foundation Life has with an existing customer
What is a change in a business relationship?
- When an existing customer makes a significant monetary change to their Foundation Life policy
- When a change of policy ownership occurs
- When an existing customer makes a claim against their Foundation Life policy
What is acceptable identification?
Please see AML information sheet
What if I am unable to provide the necessary identification documents?
Please contact Foundation Life to discuss alternative options that could be available in exceptional circumstances.
Who can I get to certify my identification documents?
A trusted referee must be one of the following;
- Justice of the Peace
- Notary Public
- Member of Parliament
- Chartered Accountant
- Police Officer (sworn only)
- A person authorised by law in that country to take statutory declarations or equivalent in the customers country
The trusted referee must not be;
- Related to you
- Your spouse or partner
- Living at the same address as you
All certifications must be no more than 3 months old complete with the written declaration on each copy document stating;
‘This document is a true copy of the original and represents the identity of (customers full name)”
The above statement must also be accompanied by the full name, title, signature of the person certifying the identity, and the date of the certification/declaration.