Anti- Money Laundering and Countering Financing of Terrorism Act
The reasons behind the introduction of the AML /CFT law is compelling.
AML /CFT law encompasses information required from customers by New Zealand Lawyers, Accountants, Banks and Financial Institutes, and from 1st January 2019 – by the Real Estate Industry.
What this means –
By law, we will need information from you, we are unable to provide certain services until our customer due diligence (CDD) is complete. CDD needs to be carried out on new and previous vendors alike.
Customer due diligence involves our salespeople obtaining proof of vendors full name, date of birth and address. This may be done by supplying photo identification such as passport, current driver’s license or firearm license, and also documentation that shows proof of address, such as a utility bill, bank statement.
If a Trust or Company are involved, we are required to obtain information about the associated individuals of that entity (such as directors, shareholders, trustees and in some cases beneficiaries). This is to prevent criminals ‘hiding’ behind legal entity.
We will endeavour to make this as easy as possible and will guide you on what is needed. There are no exemptions from AML law.