How does the AML/CFT Act affect me?
AML/CFT Act - why we need to ask you for information
New Zealand has a law called the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT). This reflects New Zealand’s commitment to the international initiative to counter the impact that criminal activity has on people and economies within the global community.
From 1 July 2018 lawyers must comply with the AML/CFT requirements by obtaining and verifying information of prospective and existing clients as part of meeting ‘customer due diligence’ obligations.
Client Due Diligence Requirements
Client due diligence requires us to undertake certain background checks on prospective and existing clients and make sure the information is correct.
We will need to collect documents to verify your identification and physical address and obtain information about the type of work we are being asked to undertake. The information you need to provide includes:
Your Full Name
Your Date of Birth
Your Address
To confirm these details, documents such as your passport, your driver’s licence, or your birth certificate, and documents that show your physical address - such as a current bank statement or utility bill - will be required.
If you are seeing us about company or trust business, we will need information about the company or trust including the people associated with it (such as directors and shareholders, trustees and beneficiaries).
We may also need to ask you about the nature and purpose of the proposed work you are asking us to do for you. Information confirming the source of funds for a transaction may also be necessary to meet the legal requirements.
If we are not able to obtain the required information from you timeously, it is likely we will not be able to act for you.
Before we start working for you, we will let you know what information and documents we need from you. Please contact the lawyer who will be undertaking your work, if you have any queries or concerns.
Further Information
Anti-Money Laundering and Countering Financing of Terrorism Act 2009