LUCKY for most of us, terrorism and money laundering are two crimes that don’t figure too highly in our safe and comfy lives. Companies that do not comply with the client identity checks - or the tough "know-your-client" aspect of the laws - face fines of up to $11 million. Money laundering is the process criminals or terrorists use to "wash" the money from criminal activity through the financial system. Basically, this turns illegal "dirty" money into legal "clean" money so it can be spent without attracting the attention of authorities, such as police, the Australian Tax Office and Australia’s financial intelligence unit, AUSTRAC. But from now on in Australia, if you open a bank account, take out a loan or try to buy or sell interests in managed investment schemes, buy or sell securities or arrange for someone to buy or sell securities, you will be subject to the toughest scrutiny and anti-money laundering laws in the world. read more

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