To protect our clients and the Australian financial system from financial crime, Hayton Kosky Lawyers complies with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. From Jul 01, 2026, new requirements apply to all legal services involving property transfers, high-value transactions, or the management of client funds.
Please use this checklist to ensure your matter proceeds without delay.
1. Identity Verification (KYC)
We are required to verify the identity of all clients before providing “designated services”.
- Primary ID: Provide a valid Australian Passport or Driver Licence.
- Secondary ID: If required, provide a Medicare card, birth certificate, or utility bill.
- Verification of Identity (VOI): Be prepared to attend an in-person meeting or use a secure digital VOI platform (like WebVOI) to confirm your identity.
- Entity Documents: If you are a company or trust, provide your Trust Deed, ASIC search, and details of “Ultimate Beneficial Owners” (individuals owning 25% or more).
2. Transaction Transparency
For certain high-risk or high-value matters, we must understand the origin of the funds used.
- Source of Funds (SoF): Provide evidence of where the money for this specific transaction is coming from (e.g., a bank statement showing a loan or savings).
- Source of Wealth (SoW): For very high-risk matters, provide information on how your overall wealth was generated (e.g., inheritance, business earnings, or property sales).
- Third-Party Payments: Advise us ASAP if any funds are being provided by a person or entity not named in the legal documents.
3. Critical Safety & Reporting
- No Physical Cash: Please note we generally do not accept physical currency. Any cash transaction of $10,000 or more must be reported to AUSTRAC.
- Suspicious Activity: We are legally obligated to report suspicious matters to AUSTRAC. This includes transactions that appear to lack a clear legal or economic purpose.
- Sanctions Screening: All parties to a transaction will be screened against Australian and International Sanctions Lists.
4. Record Keeping
- 7-Year Rule: Hayton Kosky is required to maintain records of your identity verification and transaction details for 7 years after our relationship ends.
Need Help? If you have questions about these requirements, please contact our office at (03) 9557 3355 or email br***@*************om.au.