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 form 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, see our accepted forms of Identification here;
- Proof of address from a current bank statement or utility bill.
If you are a Partnership, a Company or a Trust:
- Information about the Partnership/Company/Trust including the nature of the entity along with the Trust Deed, Partnership Agreement or Incorporation Certificate;
- 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.
Sending/Receiving Funds on your behalf
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.
Source of Wealth
For some individuals/entities we may also be required to request source of wealth information about you or your entity which may include us asking for such information as details of any properties owned, audited account statements, company accounts, evidence of funds in bank accounts.
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 a Client Information Form which can be completed in advance of meeting with us. Please contact us for a copy of this form.
For each individual involved in an instruction as well as any beneficial owner(s) or person(s) acting on behalf of a person/entity we are required to obtain certified photographic identification from them.
Please see here for details of what forms of identification we require.
If you are local to one of our offices then we can certify these documents for you. Please feel free to visit any of our offices and bring along the original identification documents with you. Alternatively you can have your identification certified by a Trusted Referee, we have included a link to further information on who is a trusted referee below. It is important that who ever you visit to have your identification certified that they use the following wording:
“I hereby certify that this is a true copy of the original document and represents the identity of the named individual sighted by me.”
The basis of our fees
Please note that costs associated with the client due diligence process required by the Act and the provision of AML/CFT regulated services to our clients are incorporated into our fees should your instruction to us go ahead. Any costs included for this are based on a fair and reasonable basis for the services provided.
If you have any questions regarding the process or have any queries with completing any of our forms then please contact us on +64 (0)3 441 2743.