New information requirements by the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 for law firm clients from 1 July 2018

2018-07-26T05:13:59+00:00

New Zealand has passed a law called the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“the AML/CFT law” for short). The purpose of the law reflects New Zealand’s commitment to the international initiative to counter the impact that criminal activity has on people and economies within the global community. From 1 July 2018, lawyers must comply with its requirements. To make that assessment, lawyers must obtain and verify information from prospective and existing clients about a range of things. This is part of what the AML/CFT law calls “customer due diligence”. CUSTOMER DUE DILIGENCE REQUIREMENTS Before providing services to [...]

New information requirements by the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 for law firm clients from 1 July 2018 2018-07-26T05:13:59+00:00