Anti-Money Laundering (AML)
There is AML legislation that applies to New Zealand lawyers and their clients from 1 July 2018.
AML is a global initiative that includes practical measures to make it harder for criminals to profit from and fund illegal activity; and to restrict the flow of money to terrorist organisations.
We must collect and verify information about our clients. This client due diligence (CDD) includes proof of identification and personal information, such as date and place of birth and verification of your physical address.
There are more requirements where our client is a company or a trust, and sometimes we will need to obtain evidence of the legitimacy of funds to be applied to a transaction.
We will guide our clients through the CDD process. However, if we do not get the CDD information we need, we are required by law to cease acting and may even (in some situations) need to report transactions to AML authorities.
If you have any concerns or questions about how our AML and CDD requirements will affect you, please get in touch to discuss.