New information requirements by the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 for law firm clients from 1 July 2018
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 clients or customers, lawyers must take reasonable steps to make sure the information they receive from clients is correct. Therefore, we will need to obtain and verify certain information from you to meet these legal requirements.
This information includes:
- proof of identity
- proof of address.
To confirm these details, documents such as your driver’s licence or your birth certificate, and documents that show your address – such as a current bank statement – will be required.
If you are seeing us about company or trust business, we will need information about the company or trust including the people associated with it (such as directors and shareholders, trustees and beneficiaries). We may also need to ask you for further information.
We will need to ask you about the nature and purpose of the proposed work you are asking us to do for you. Information confirming the source of funds for a transaction may also be necessary to meet the legal requirements.