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Frequently Asked Questions (FAQs) Frequently Asked Questions have been developed to address commonly asked questions and provide a quick reference guide. If you have a question that is not covered in the FAQs or seek further clarity of an item that is, please contact BlackRock directly on 1300 366 100. Q: What is Money Laundering?
A: Money laundering is the varied and often complex process by which individuals and/or entities seek to “launder” (disguise or hide) the proceeds of illegal activities in order to make them appear legitimate. Q: What is Terrorist Financing?
A: Terrorist financing is the act of providing financial support to terrorist or terrorist organisations to enable them to carry out terrorist acts. Q: What does the term Know Your Customer (KYC) mean?
A: Know Your Customer is a general term used by regulators and industry requiring reporting entities to conduct various validations necessary to ensure that they have adequately identified the customer/investor prior to providing the designated product or service. Q: How will the AML legislation prevent, detect and deter money laundering and terrorism financing?
A: The AML legislation will provide law enforcement agencies with high quality financial intelligence, to assist in the detection and prevention of terrorist activity and the laundering of proceeds of crime, allowing the Australian Transaction Reports and Analysis Centre (AUSTRAC) increased opportunities to detect instances where apparently legitimate transactions and activities are in fact being used for money laundering and terrorism financing. Q: Will BlackRock identify existing investors?
A: In accordance with the AML legislation, we are generally not required to identify investors that were BlackRock investors prior to 31 January 2008 (known as pre-commencement customers). We will be required to verify the identity of pre-existing customers that are setting up a new investment in an alternative name (for example, company, joint account). We may from time to time be required to identify a pre-commencement customer and reserve the right to request the necessary identification information and/or documentation to enable us to facilitate the identification/verification. Q: What if an investor does not provide the necessary information and/or supporting documentation to enable us to verify their identity?
A: We will not be able to provide the designated product/service (that is, accept an application to invest in a fund) to customers that do not or are unable to provide the appropriate level of identification. Q: Do the privacy obligations apply to information gathered in compliance with the requirements of the AML legislation?
A: The Privacy Act 1988 (Cth) applies. BlackRock will only collect personal information for the purpose of the relevant transaction and to enable us to comply with our obligations under the AML/CTF legislation. An investor’s personal information cannot and will not be collected or used for any alternate use or need.
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