Anti-Money Laundering (AML) Requirements
Anti-Money Laundering and Countering Finance of Terrorism (AML/CFT) – Obligations for Accountants
Under New Zealand’s Anti-Money Laundering (‘AML’), we are required to collect and verify personal information about clients, individuals who own or control clients and individuals instructing us on behalf of clients. This is called customer due diligence ( ‘CDD’) and is a type of background check.
CDD verification requirements are such that, like a bank, we must see the source documents such as Passports and Divers’ Licences and cannot just record what we are told, even if we have an existing relationship.
We may also need to ask you for additional information depending on the type of work or transactions involved. For example, we may need to ask about the nature and purpose of the proposed work and the source of funds for a transaction.
We use a third-party AML provider to reduce the impact and frustration the AML/CFT requirements can cause you. Our independent provider will complete CDD when on-boarding new clients, consult on risk assessments and help with ongoing monitoring.
Using a specialist AML service provider Portal also ensures your legislative rights concerning the access, viewing, and retention of information are protected – namely the Privacy Act, the Electronic Identity Verification Act 2012, and the Identity Information Confirmation Act 2012.
If you are unable to meet the requirements, please contact us so we can discuss the requirements for your specific situation.
AML Documentation Required
We will advise you who we need AML documentation for. Please be ready to provide the following documentation:
