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Money laundering is estimated to be an issue in New Zealand with a value of more than $1billion per year – that’s a lot of money coming from illegal sources that is in circulation and potentially being used for transactions throughout the country.
From 1 July 2018 we will be asking for more information about you, any entities you are connected with and the transactions we are assisting you with. The gathering of this information is not optional for us as it forms part of the requirements imposed on us by the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT).
Please check our Client Identity and Identity Verification information form in advance of your next appointment with us to ensure you bring the correct identity documents with you.
The purpose of AML/CFT is to prevent money laundering and the financing of terrorism. Money laundering is the method people use to hide illegal origins of the proceeds of crime so they can grow, protect and enjoy their assets. Some people in New Zealand may also be financing the activities of terrorists and known terrorist organisations.
The AML/CFT Act requires us to know who our clients are (as well as who any beneficial owners of our clients are, and any person acting on behalf of our clients) by conducting customer due diligence (CDD) to the level required before we can conduct certain kinds of activities or establish a new business relationship.
Customer due diligence is similar to the information we get from clients who are buying or selling a property and is the same type of information you have most likely already had to give to your bank. We may also ask questions about the source of the funds you are using and the reason for the proposed work you are asking us to complete.
Please be aware that AML/CFT requires us to carry out Customer Due Diligence before we can carry out any work for you. If you cannot provide the information we need then we will be unable to act for you.
If you have any questions about these changes feel free to contact one of the team at Ward Adams Bryan-Lamb.