ANTI-MONEY LAUNDERING & COUNTERING THE FINANCING OF TERRORISM (AML/CFT) ACT 2009 REQUIRES LAW FIRMS TO GATHER MORE INFORMATION ON THEIR CLIENTS’ IDENTITY FROM 1 JULY 2018.
From 1 July 2018, Phase II of the AML/CFT Act 2009 requires all New Zealand law firms to put AML/CFT measures in place to help the New Zealand government deter criminals from using our legal services and trust accounts and to help detection of crime. As per the requirements of the AML/CFT Act, we need to obtain and verify information from our existing and potential clients including:
- Full name;
- Date of birth; and
- Residential address in New Zealand.
Furthermore, we require you to provide us with:
- Your passport to verify your citizenship, full name and date of birth;
- A document such as a rates demand, Bank statement or utility bill (power/phone/insurance) showing proof of your residential address in New Zealand – this must be no older than 3 months old;
- Information about the company and/or the Trust you are asking us to act for, together with information about all the controlling persons and beneficial owners, for example directors, trustees and beneficiaries;
- Information about the source of funds you intend to utilise for a transaction i.e. loan proceeds from a Bank.
If we are not able to obtain the required information from you at the beginning of our engagement, we may have to decline to act for you and other law firms will also be required to do the same. Therefore, please work with us to promptly provide the requested information so that we can commence working on your matter. You are welcome to contact us to discuss any questions or concerns you may have.