PKF Carr & Stanton, Hastings, New Zealand
02 Oct 2018
The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (‘the AML/CFT Act for short”) have expanded to cover more New Zealand businesses. The purpose of this 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.
This law came into force for Accountants and Business Advisors from 1 October 2018.
Customer Due Diligence requires accountants to undertake certain background checks before providing some services. To meet and comply with the Act, we may be required to collect and verify identification and certain information from our clients, including your full name, your date of birth and your address.
The proof of identification we require is similar to what you will have already experienced with your financial adviser or lawyer, eg; passport, drivers licence and a utility account for proof of address.
The information we may require will depend on the type of entity and the work we’re doing for you. For example, for trusts, we may need information about trustees and beneficiaries. For companies, we may need information about directors and shareholders.
In some situations, we may be required to collect additional information regarding the source of funds and wealth before completing certain transactions.
For all new clients this will apply immediately and for existing clients, we will advise in due course if we require additional information from you.
If you have any questions regarding these changes or would like more information please contact us
For more information on how our services can help your business get in touch.