When you are opening an account for a Super Fund or a Family Trust, you need to open the account in the name of the legal trustee of the fund or trust.
For example:
· If the Trustee of the Super Fund or the Trust is a Company, then the Company application form needs to be completed and the name of the fund or trust should be typed under the Account Designation section;
· If the Trustee/s of the Family Trust are one or two individuals, then the Individual/Joint application needs to be completed and the name of the Trust should be typed under the Account Designation section;
· As a Super Fund cannot be established with only one individual as Trustee, it would require two individuals as Trustees and the Individual/Joint application form needs to be completed in both names and the name of the Super Fund should be typed under the Account Designation section.
As well as providing details of the Trustees, new Anti Money Laundering laws require that you now need to advise who the beneficiaries of the Fund or Trust are. You will be asked to complete these details as you go through our online application process. These details will then appear on all forms which you need to print off to sign.
The AML laws also require clients to provide 100 point identification (original certified copies) of all applicants and fund or trust beneficiaries.
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