Money laundering hits accountants 20 Jun 2017

From 1 October next year accountants are going to have to start behaving like banks. If you want us to create a company for you or you want to send more than $1000 overseas, we are going to need identification. We will have to save this in our computer. We’ll have to keep a record of your name, birthdate and address. That’s not too difficult. But we will also probably have to take a copy of your driver licence or passport and evidence of who you are acting for, in case you are setting up the company for someone else.  Similar rules are going to apply to lawyers from 1 July 2018, if they create a company or trust for you. We're sorry if you find these requirements irritating. 

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