All Real Estate Companies need to comply with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009
What is AML?
A law passed in New Zealand called The Anti-Money Laundering and Countering Financing of Terrorism Act 2009, or “AML/CFT Act” as it is more commonly known. The law reflects New Zealand’s commitment in a worldwide initiative to combat global crime and reduce the impact criminal activity has within the global community.
How am I affected by the new legislation?
The legislation requires Real Estate Companies and other professionals to 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, Real Estate Companies must obtain and verify information from our clients. This is part of what the AML/CFT law calls “customer due diligence” and is a similar obligation to that imposed on banks and lawyers who have been subject to this regime for some time now.
Customer Due Diligence Requirements
Customer due diligence requires Real Estate Companies to complete certain checks before we can list your property or business to sell. We will also require this information from our clients who have commercial property they wish to lease. The Act requires us to also take reasonable steps to make sure the information we receive from you is correct, we will therefore need to ask you for documents to verify this information.
For starters, we will need:
- your full name; and
- your date of birth; and
- your address.
To confirm these details, documents such as your driver’s licence or your passport/birth certificate, and documents that show your address such as a current bank statement will be required.
Under the new rules, if your property or business is held in the name of a company, a trust, or has overseas ownership we’ll need specific information about the entity including the people associated with it, (directors and shareholders, trustees and beneficiaries) and source of funds.
If you have any questions please contact your salesperson or our AML/CFT Compliance team by email at: email@example.com.