From 1 July 2018 we may be required to ask you for more information regarding your indentity or your business then we have in the past.
So whats changed?
From 1 July 2018 we are required to comply with the Anti-Money Laundering and Counter Financing of Terrorism Act 2009 (“AML/CFT law).
The purpose of the AML/CFT law is to combat money laundering and terrorist financing and comes as part of New Zealand’s commitment to international efforts to minimise the impact that criminal activity has on individuals and ecnomies world wide.
The AML/CFT Law requires us (and other professionals) to assess the risks which we face from money laundering and people who finance terrorise and to indentify potentially suspicisous. The reason lawyers are having to comply, the reason we are being asked to do this is because services we offer are often attractive to those involved in criminal activity.
What will we ask for?
The AML/CFT law calls it “customer due diligence” (CDD) and we need to obtain and verify information from all new and existing clients.
To meet our requirements under the AML/CFT law we have to take reasonable steps to ensure the information we receive is correct and we will ask for documents to support it.
When we undertake our CDD we will ask:
- Your full name; and
- Your date of birth; and
- Your address
The documents we will require to verify this information may include your drives licence; brith certificate and proof of address i.e a bank statement.
If you are engaging our services in respect of a company or trust then we will need not only information on that company but information on people assocaited with it e.g directors, shareholders, trustees and beneficairies.
In somecases we will require further information. This further information may include:
- The nature and purpose of the proposed work you are engaging us to undertake; and
- Information confirming the source of funds to be used in the transaction.
If you don’t want to provide us with the information; or are unable to for some reason; then it is unlikley we will be able to act for you.
We will discuss the information requirements with you prior to commencing any work including what documentation we will require.
Please note that under the AML/CFT Law we are required to report any transactions which are deemed suspicious, we do not have to advise you that we have done this or stop acting.
If you have any queries or concerns regarding these changes please do not hesitate to contact us.