From 1 July 2018 Impact Legal has obligations under the Anti‑Money Laundering and Countering Financing of Terrorism Act 2009 (“AML/CFT Act”).
From 1 July 2018 law firms need to have a process for conducting customer due diligence on new clients of the firm. We will require information about you, your beneficial owners (including persons with effective control of you), and any persons acting on your behalf. In some situations, we may need information about the source of your wealth or funds. We will let you know what information you need to provide us. We request that you provide this information promptly so that we can commence acting for you.
From 1 July 2018 we will also be required to monitor customers’ accounts on an ongoing basis. This may involve completing customer due diligence even if you have been a long‑standing client of the firm.
Our terms of engagement have been updated to reflect this change.