AML
Anti-Money Laundering/Countering Financing of Terrorism
All accounting firms that provide services captured under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act) have had to comply with the requirements of the Act since 1 October 2018. This includes undertaking customer due diligence (CDD) for existing and prospective clients.
Why is New Zealand bringing in the Act?
New Zealand is a target for money launderers because of our reputation as a reputable and well-regulated jurisdiction. It is estimated that more than $1 billion was being laundered through New Zealand each year, placing our reputation and economy at risk. The Act was brought in to enhance existing reporting requirements and to better understand who we are doing business with.
What does this mean for me?
When we provide you with a service that is covered by the regime (such as forming a trust or company, making payments through our trust account, acting as a nominee shareholder, director or trustee, or operating your bank account) we need to verify your identity and address, understand the nature and purpose of the transaction and, at times, verify your source of funds. This is the case even if you have been our client for a long time.
We appreciate your support
Thank you for your continued support and for helping protect New Zealand from money laundering and funding of terrorism.
Further information
The Department of Internal Affairs has a dedicated website with a range of information on AML/CFT for phase 2 reporting entities, like us. Alternatively, please do not hesitate to contact your usual Baker Tilly Staples Rodway advisor if you have any queries.