The Anti Money Laundering and countering financing of Terrorism act (2009) “AML” came into effect in June 2013.
As a result of the changes, all finance companies, banks and credit unions are now required to collect more customer information. Regardless of which lender we place your car loan with we will be required to collect this information on behalf of the lender.
If you are applying for a car loan to finance your new car, you may be affected by AML. Operating leases are exempt from AML rules. The nature of the information we are required to gather and how it is verified and confirmed varies between entities.
Persons required to provide information
- All authorised Directors and personnel and all Shareholders with greater than a 25% shareholding.
Original or certified copies of:
- One form of primary photo ID (refer list A for acceptable forms of ID); or two forms of non-photo ID , one from list B and a further from either list B or C
- Date of birth
Must also confirm:
- Country of domicile
- Citizenship; and
- Proof of address (i.e. utility bill, bank statement)