What and why we need to ask you for your information

New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism Act 2009, or AML/CFT law, is based around New Zealand’s commitment to an international initiative to counter the impact of criminal activity on people and economies within the global community.

Recent updates to the AML/CFT law states that from 1 October 2018 accountants must comply with its requirements.
Accountants must do several things to help combat money laundering and terrorist financing, and to help Police bring the criminals who do it to justice. The AML/CFT law does this because the services accounting firms and other professionals offer may be attractive to those involved in criminal activity.

The law says that accounting firms and other professionals must assess the risk they may face from the actions of money launderers and people who finance terrorism and must identify potentially suspicious activity.

To make that assessment accountants 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: 

Customer due diligence requires an accounting firm to undertake certain background checks before providing services to clients or customers.
Accountants must take reasonable steps to make sure the information they receive from clients is correct, and so they need to ask for documents that show this. 

We will need to obtain and verify certain information from you to meet these legal requirements.
This information includes:

• Your full name

• Your date and place of birth; and

• Your address

To confirm these details the following document options will be required from you to verify your address and your identity:

To Verify Address:
One of the following (no older than 12 months) 

• Utility or rates bill 

• Document issued by a registered bank (e.g. bank statement)

• Document issued by a government agency

• Physical visit by director to client at the address

To Verify Identity:
Use one of the following 3 options to verify identity

Option 1
One form of primary photo ID:

• NZ or overseas passport 

• NZ Certificate of Identity 

• National ID card

Option 2
One form of primary non-photo ID: 

• NZ or overseas birth certificate 

• NZ or overseas citizenship certificate 

• NZ or overseas marriage certificate 

and one form of secondary photo ID

• NZ driver licence 

• 18+ Card 

• International driving permit

Option 3
New Zealand driver licence
and one of the following

• Bank statement issued by a registered bank (dated within the last 12 months) 

• Credit card, debit card or EFTPOS card issued by a registered bank 

• New Zealand or overseas marriage certificate 

• Community services card 

• Government agency document (e.g., IRD correspondence) (dated within the last 12 months)

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.

WHAT IF YOU CANNOT PROVIDE THE REQUIRED INFORMATION?

If you are not able to provide the required information to us, it is likely we will not be able to act for you. 
As the law applies to everyone, we need to ask for the information even if you have been our client for a long time.

When required, we will let you know what information we need, and what documents you need to show us and allow us to photocopy.

Please do not hesitate to contact us if you have any queries or concerns about this.