New Zealand has passed the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (referred to as AML). Its purpose is to counter the impact of criminal activity within the global community.
From 1 July 2018 we must comply with the Act. We must do a number of things to help combat money laundering and terrorist financing, and to help Police bring the criminals who do it to justice. This is because the services we and other professionals offer may be attractive to those involved in criminal activity.
We must assess the risk we may face from the actions of money launderers and people who finance terrorism and must identify potentially suspicious activity.
We must obtain and verify information from you about a range of things. This is part of what the AML/CFT law calls "customer due diligence"('CDD').
CDD requires us to undertake certain background checks before providing services to you our customers. We must take reasonable steps to make sure the information we receive from you is correct, and so we need to ask for documents that show this.
We will need to obtain and verify certain information from you. This information includes obtaining:
- your full name; and
- your date of birth; and
- your residential address
and verifying these details, by seeing documents such as your passport, drivers licence or your birth certificate. and documents that show your address, such as a current bank statement.
If you are seeing us about company or trust business we will need information about the company or trust including the people associated with it (such as directors and shareholders, trustees and beneficiaries).
We may also need to ask you for further information. We will need to ask you about the nature and purpose of the proposed work you are asking us to do for you. Information confirming the source of funds for a transaction may also be necessary, and is required for all trusts.
If we are not able to obtain the required information from you, it is likely we will not be able to act for you.
Before we start working for you, we will let you know what information we need, and what documents you need to provide.
If you have queries or concerns please contact our AML Compliance Officer or the lawyer who will be undertaking your work.