and how does it affect me ?
The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 – or “AML”, as it’s more commonly known is part of a worldwide initiative to crack down on illegal activities, including money laundering and terrorism.
New Zealand is held in high regard internationally as one of the least corrupt countries, and also a great place to do business. The new rules have been introduced to safeguard that reputation and to play our part in combating global crime.
Criminals try to use the likes of banks, lawyers and accountants to help hold and move assets. The new legislation is aimed at deterring criminals in the first place, and, secondly, detecting them if they try.
How am I affected by the new legislation?
Come the first of October 2018 all accountants will be obliged to seek specific information from our clients before we are able to provide support and services to them.
If you are seeing us about company, offshore or trust business we'll need specific information about the entity in question including the people associated with it - such as directors and shareholders, trustees and beneficiaries. We will be required to ask you about the nature and purpose of the proposed work your asking us to do and might also need you to confirm the source of funds for any transactions.
We must take reasonable steps to ensure the information you provide us about yourself is true and correct. The information required will depend on the nature of the work you would like us to undertake for you.
For starters, we’ll need:
- Your full name
- Your date of birth
- Your address
Under the new rules, we’ll now require documents, such as a birth certificate, passport or driver’s licence, to prove your identity, and the likes of a current bank statement, rates bill or an electricity account that confirms your usual, residential address.