Anti-Money Laundering and Countering Financing of Terrorism Act 2009
Client Due Diligence on all new and existing clients.
From 1 July 2018 we are required by the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act) to conduct due diligence on all new clients and existing clients.
The purpose of the Act is to detect and prevent money-laundering and to counter the financing of terrorism, with a view to protecting New Zealand’s reputation as one of the safest nations in the world in which to do business.
The Act requires ALL law firms, as well as real estate agents, banks, accountants, and other financial institutions (Reporting Entities) to do due diligence on their clients. Reporting Entities are required to collect the information gathered as part of that exercise, monitor transactions on an ongoing basis and report to the New Zealand Police where behaviour gives rise to suspicion of money laundering or financing of terrorism.
What information we may need from you
If you instruct us to act on your behalf we will request specific information from you. We will provide a flow chart to you to assist you in working out what we might need. We must also take reasonable steps to ensure any information you provide is correct. Please note we need to complete that process BEFORE we start work for you.
Set out below is a starting point of what you will need to provide:
If you are an individual:
- Full name and Date of Birth from a valid photo Identification;
- Proof of address from a current bank statement or utility bill.
If you are a Company or a Trust:
- Information about the Company/Trust including the nature of the entity;
- Full name and Date of Birth from a valid photo identification of every person associated with it (Trustee, Beneficiary, Director, Shareholder) and a proof of address from a current bank statement or utility bill.
It may also be necessary for us to request national identity numbers of all individuals or entities involved as well as the source of funds where any transactions are required.
Providing us with information
If you are reading this now, and anticipate needing our services in the future, we strongly encourage you to contact us now. That way we can complete the due diligence process early – which means we will be ready to go when you need us to act urgently on your behalf. We are asking all new clients to complete the Client Information Form which can be downloaded below and completed in advance of contacting us.
If you are a company, partnership or trust then please contact us for the appropriate Information Form we require you to complete or if you have any questions please contact us on +64 (0)3 441 2743.