Anti-Money Laundering and Countering Financing of Terrorism Act (AML)

Posted on July 02, 2018 in Uncategorized (Tags: Anti-Money Laundering, Anti-Financing of Terrorism) Generic.jpg

The New Zealand Government has implemented legislation to ensure New Zealand remains a safe place to do business and to deter people from trying to launder money here.  The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 already applies to banks and financial service providers.  From 1 July 2018 AML also applies to all law firms.   

Under AML we may be required to verify your identity, address and in some cases your source of funds or wealth. We may also be required to verify the details of other individuals connected to you.  Although we might already know you, AML rules prescribe steps we must take to complete “customer due diligence” (CDD).   

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 will try to make this as easy as we can, however, we will need your co-operation to fulfil our AML obligations.  

If we are unable to comply with our obligations from information we already hold, we may request you to provide certain documentation such as a copy of your passport or drivers licence, proof of address and details of your source of funds or wealth. If we are unable to verify such documentation, we may be unable to act for you.