Anti-Money Laundering & Countering The Financing Of Terrorism; Why It Matters

Why The Need For All of This Information? 

Last October all New Zealand accountants were included in the scope of the Anti-Money Laundering & Countering the Financing of Terrorism Act 2009 (the AML/CFT law for short), which reflects New Zealand's commitment to international initiatives to counter criminal activity globally.

Since 1st October 2018, all New Zealand accountants must comply with its requirements and undertake several actions to help combat money laundering and terrorist financing, and help Police bring the criminals involved to justice.

Many professionals, such as accountants, must now assess the risk they may face and identify potentially suspicious activity. We need to obtain and verify information from any prospective and all existing clients on a range of matters - what AML/CFT law calls "customer due diligence". For more information on what involves, please read the Customer Due Diligence Requirements below.

If You Cannot Provide The Required Information

Because the law applies to everyone, we need to ask you for this information, even if you have been a client of ours for a long time. Before we start work for you, we will let you know what information we need, and what documents you need to provide us with. If we are not able to obtain the required information from you, it is likely we will not be able to act for you.

Please contact us if you have any queries about this law or for the complete picture, check out this great Government website called Keep Our Money Clean.

 

 

Customer due diligence means any professional service dealing with client funds must undertake certain background checks before providing services to clients.

Accountants must take reasonable steps to ensure the information they receive from clients is correct, and we will need to obtain and verify certain information from you to meet these legal requirements.


This information MUST include;

  • 1 form of Photo ID that shows;
  • your full name
  • your date of birth
    AND
  • proof of your current physical address

The best forms of ID for AML / CFT purposes;

  • either a Passport and Birth Certificate OR
  • a Drivers Licence and Birth Certificate
    PLUS
    A ‘proof of current address’ document;
  •  such as a current bank account or council rates statement, credit card or insurance invoice.

 NOTE: 

If your business with us is about to do with a Company, Partnership or Trust, we will need to confirm details about that company, partnership or trust, including identifying all the people associated with it (such as directors and shareholders, trustees and beneficiaries).

We may also need to ask you the nature and purpose of any proposed work you are asking us to do.

Confirmation of originating source of funds for any transaction is likely in order to meet our legal requirements.

 

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