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26 Aug 11 On anti-money laundering and counter terrorism financing

MEMBER 155 writes:

"I am currently on hold to [a share registry] doing my civic duty. I recently took over as Honorary Treasurer of a not for profit company limited by guarantee. I found it holds some listed shares which I am trying to sell through [the share registry] as a one off transaction. They of course need the correct identification. They have asked for a certified copy of the certificate of incorporation. Fine, but it was incorporated in 1953 under a previous NSW Companies Act.

I suggested that they should go to http://www.asic.gov.au and they can then check for free that one second ago the company was in existence. I used to have these conversations with banks when a client wanted to open a bank account. Banks now do on the spot electronic searches.

Luckily TAXVINE is not read by money launderers or financiers of terrorism, otherwise I would be letting them know which organization has fools running their AML/CTF."


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