Anti-Money Laundering Fact Sheet

FinCore Advisory is committed to meeting its obligations under Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime. This fact sheet explains why we may ask for certain information, how it's used, and what to expect.

What is AML/CTF?

Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws are designed to prevent criminals from using legitimate businesses and transactions to conceal illicit funds or support terrorism. Under Australia's "Tranche 2" reforms, AUSTRAC regulation now extends to accountants, tax agents, and trust and company service providers who provide certain "designated services" — meaning accounting and advisory businesses providing those services must comply with AML/CTF obligations.

Routine tax return preparation, BAS lodgement, and general tax advice are not designated services and are not affected by these requirements. The obligations below apply only where FinCore Advisory is providing a designated service, such as company or trust formation or ASIC agent services.

Why is FinCore Advisory requesting this information?

Like other accounting and advisory practices across Australia, FinCore Advisory must comply with AML/CTF obligations when providing designated services. FinCore Advisory has enrolled with AUSTRAC and implements clear processes to support clients through the requirements with transparency and clear communication.

What is Customer Due Diligence?

If FinCore Advisory is providing you with a designated service — such as company or trust formation, or ASIC agent services — we are required to complete the Customer Due Diligence (CDD) process. This process involves verifying a client's identity before providing that service. This may include confirming identity, understanding who owns or controls the entity involved, and taking additional steps where a client or transaction presents a higher level of risk.

What information may be requested?

Depending on the structure involved and the nature of the engagement, your FinCore Advisory representative may request information or evidence relating to the following:

• Your full name, date of birth, occupation, and residential address
• Details from an identification document to prove identity (such as a driver's licence or passport)
• Ownership or control information for a company or trust (evidence of beneficial ownership)
• Information that helps us understand the nature and purpose of the engagement and, where required, the source of funds or wealth

How will this information be used?

This information is collected so FinCore Advisory can meet its legal obligations, verify identity, assess risk, and help ensure the engagement is legitimate. It may also be used to maintain required compliance records and, where required by law, support reporting obligations to AUSTRAC.

How will FinCore Advisory handle your personal information?

FinCore Advisory will collect only the personal information reasonably necessary to meet its AML/CTF and related legal obligations. OAIC guidance also states that businesses should not retain copies of full identification documents for AML/CTF record-keeping purposes unless another law requires them to do so.

Refer to our Privacy Policy for more information.

What happens if the requested information is not provided?

If the requested information is not provided, FinCore Advisory may be unable to provide the designated service or proceed until the required information is received. This is because completing customer due diligence is a legal requirement before certain services can be provided.

Note

This fact sheet provides general information only and does not constitute legal advice. Further detail on the Tranche 2 reforms is available directly from AUSTRAC at austrac.gov.au.