PKF Rutherfords introduction to the new AML requirements
The Anti-Money Laundering and Countering Financing of Terrorism legislation has been in place in New Zealand since 2013 and in addition to applying to your relationship with us from 1 October, will apply to your relationship with any Real Estate Agent you deal with after 1 January 2019.
This 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 October 2018, accountants will be required to have measures in place to help them detect money laundering and the financing of terrorism.
As an accounting firm, we need to assess the potential risk we face from money launderers and those financing terrorism and must identify potentially suspicious activity. To make that assessment, we need to obtain and verify information from existing and potential clients before we are able to perform certain accounting services for them. This is known as "client due diligence".
What we will need from you?
The next time we receive instructions from you, or if there is a material change in the nature of your work, we will let you know if we need to carry out due diligence and, if so, what information we need. This information includes:
- your full name;
- your date of birth;
- your address.
To confirm these details, we will need documents that include photo identification like your passport or current driver's licence and also documents that show your address, such as a bank account statement or utility bill.
If you are seeing us about a trust or company, we will need to collect information relating to the trust or company and also the people associated with it (such as directors, shareholders, trustees, and beneficiaries). We will identify these people where possible, but we will be relying on you to help us in identifying all persons for whom we need to carry out due diligence. We will make this as easy as possible by providing you with detailed guidance on what we need.
In some cases, such as where the client is a trust, we will need to ask for information on the source of funds and wealth for a transaction. Again, we will make this as easy as possible by giving you detailed guidance on what we need.
What happens if I've been a long term client of PKF Rutherfords?
Even if you have been a client for a long time, we may still be required to gather documentation and verify your identify.
If you have any queries or concerns about these new requirements, please don't hesitate to contact us.