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Information Required for AML/CFT Purposes

Shelley Yeates
/ Categories: Legal Updates

From October 2018 Chartered Accountants are now required to undertake due diligence on all prospective, and existing clients.  This is as a result of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Law).

The AML/CFT Law is part of an international initiative to detect and deter money laundering and the financing of terrorism.

By law we are now required to conduct due diligence on clients and formally assess any risk in terms of money laundering and financing terrorism.  We are required to report any suspicious activity to the New Zealand Police.  In addition, we will be subject to an audit of our AML/CFT systems and records to ensure that we are complying with the Act.  If we are found to be non-compliant we could incur substantial penalties.

Even though we may have acted for you for many years, to ensure that we are meeting our AML/CFT obligations, we will now require:

1. Verified current identification.  This could be either:

  • A current New Zealand Passport; or

  • A current New Zealand Firearms Licence; or

  • A current New Zealand Drivers Licence and a second form of ID such as a birth certificate or bank card

2. Confirmation of your residential address (not a PO Box number) which is no more than 3 months old.  This could be an original or verified copy of a utility bill or bank statement.

There are other options available if the above is not suitable in your case.

A verified copy of a document is one which has been signed and dated by someone such as a Lawyer, Justice of the Peace or Chartered Accountant.  The verifier must sight the original documents.  We are able to verify your documents for you.

We may at times need to ask you for further information, particularly where trusts are involved.

 
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