Our commitment to AML/CFT - Keeping your money clean and your trust intact!
We apologize for any inconvenience caused, but please note that due to Government regulations known as the Anti-Money Laundering and Countering of Terrorism (Requirements and Compliance) Amendment Regulations 2017 (Regulations), we are required to collect identity and source of funds information from all of our clients.
Required identity and source of funds information
Required source of funds information
What we do with the information
The bureaucracy is a real buzzkill
We know, the bureaucracy is a real buzzkill. We have to play by the rules in the Regulation and get your identity. We take your privacy and security seriously, so let's get this over with and move on to the good stuff. Please send us documents confirming your name, birth date, and address, for example:
Passport on its own; or
Drivers’ licence and bank card; plus
Bank statement or power bill or rates invoice.
If you represent a company or trust, you need to provide us with extra information on:
Who we are acting for (that is, the beneficial owners who effectively control or benefit from the trust or company). We need you to provide documentation that establishes the following elements:
who owns more than 25 percent of the company;
who has effective control of the company or trust;
the persons on whose behalf the transaction is conducted.
For these purposes, a beneficial owner is an individual who satisfies any one element, or any combination of the three elements. You need to provide us with information that establishes your ownership structure and enables us to understand the ownership at each layer.
Spill the beans on where all that hard-earned cash came from
Here in New Zealand, we like to keep things as laid-back as possible, but can’t when it comes to Anti-Money Laundering (AML). We need to ask you to spill the beans on where all that hard-earned cash came from.
Think of it like having a casual chat with your mate over a cuppa. We just want to know if you made your money through honest work, or if you're secretly moonlighting as a pirate or ninja.
If you cannot provide this information we may not be able to act for you.
Keep Accurate and Up-to-Date Records
Lawyers must keep accurate and up-to-date records of their AML compliance activities, including customer due diligence information, risk assessments, and any suspicious activity reports that they file with the appropriate authorities. These records must be kept for a minimum of five years and made available for inspection by regulatory authorities upon request.
File Suspicious Activity Reports
If lawyers identify any suspicious activity or transactions that may be related to money laundering or terrorist financing, they are required to file a suspicious activity report (SAR) with the appropriate authorities. SARs provide critical information to law enforcement and intelligence agencies, and help to prevent the flow of illicit funds and activities.
In summary, lawyers play a critical role in combating money laundering and terrorist financing by collecting and verifying customer due diligence information, assessing and managing risk, keeping accurate records, and filing suspicious activity reports. By following these requirements, lawyers can help to protect the integrity of the financial system and safeguard the interests of their clients.