The Association of Superannuation Funds of Australia (ASFA) has provided its members with guidance on how to comply with the new anti-money laundering (AML) and counter-terrorism legislation, which came into effect yesterday.
Under the provisions, funds are required to verify the identity of people who are claiming a superannuation benefit or starting a pension.
People may also be required to provide additional proof of their identity when claiming their superannuation.
Funds will have to do this by using such sources as electronic records, a driver's licence, passport or rates notice.
"Superannuation accounts generally are very low risk in terms of potential use for money laundering and terrorism financing but all financial products are subject to the new regime," ASFA chief executive Pauline Vamos said.
The peak superannuation industry association worked with the Federal Government and regulator Austrac to develop an AML regime suited to the superannuation industry.
