New Anti-Money Laundering Requirements
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As from 1 July 2018, lawyers will be subject to the requirements of the Anti-Money Laundering and Counter Financing of Terrorism Act 2009.
The legislation reflects New Zealand’s commitment to international initiatives to counter criminal and terrorist activities.
The changes will require lawyers to obtain more detailed information from their clients and where appropriate, pass this information on to the relevant authorities.
In order for us to satisfy the identity requirements contained in the legislation, lawyers will be required to undertake what is known as “Customer Due Diligence” (CDD) when undertaking certain types of work.
In order to complete the CDD, we will need to obtain information from you, including:
- Your full name
- Your date of birth
- Your address
We will need to confirm this detail by reference to certain identity documents, for example passport, driver licence and utility accounts.
This is in keeping with what banks have had to do for quite some time.
If the work we are carrying out for you relates to a company or trust, we will also need information about the company including directors and shareholders, or in the case of a trust, , the trustees and beneficiaries. Under legislation, may also need to request further information about you from other parties.
We are required to obtain this information even if we have acted for you for quite some time. Please do not take offence if we request this information from you as we are merely complying with our statutory requirements.
We may also need to obtain this information from you before we begin new work for you. We will endeavour to make the information gathering process as simple as possible for you.
We will of course, let you know what you will need to provide to us. However, in the meantime, should you have any queries about our requirements, please contact our Business Manager, Julie Beck, or the lawyer that usually undertakes work on your behalf at the firm.