AML

Anti-Money Laundering/Countering Financing of Terrorism
From 1 October 2018 all accounting firms that provide services captured under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act) must comply with the requirements of the Act, including 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. It’s estimated that over $1 billion is laundered through New Zealand each year, placing our reputation and economy at risk. The Act was brought in to protect New Zealand’s international reputation and our economy by enhancing existing reporting requirements and strengthening our understanding of who we are doing business with. You can find out further information on the www.keepourmoneyclean.govt.nz website.

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 client bank account) we will 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 are working with an organisation called 2Shakes to reduce the time and effort required to undertake the CDD required under the Act.

Thanks
Thank you for your continued support and for helping protect New Zealand from money laundering and funding of terrorism.

Further information
The DIA have 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.