What is AML?
AML has been in place in New Zealand since 2013 and as well as applying to your relationship with us from 1 October 2018, will also apply to any Real Estate Agent you might deal with after 1 January 2019.
For accountants, AML means having measures in place to help detect money laundering and the financing of terrorism. We need to assess the potential risk we face, and identify potentially suspicious activity.
What does AML mean for you?
Before we can perform any accounting services for them, we need to ask all our clients – both existing and potential – for certain information, and undertake certain background checks. This is known as “client due diligence.”
The kind of information we need to ask you for includes:
Your full name
Your date of birth
Your address
To confirm these details, we’ll need documents that include photo ID – like your passport or a current drivers license. And we’ll also need proof of address, like a bank account statement or utility bill.
AML for trusts and companies
If you’re seeing us about a trust or company, we’ll need to collect information about the trust or company, and also the people associated with it (including directors, shareholders, trustees, and beneficiaries). We’ll identify these people where we can, but we’ll also rely on you to help us identify all the people we need to carry out due diligence for.
In some cases, for example with certain trusts, we’ll also need to ask about the source of funds and wealth for a transaction. To help make the whole process as easy as possible, we’ll give you plenty of guidance on what we need.
What happens if you can’t provide the information we need?
If that’s the case, unfortunately we likely won’t be able to act for you. Even if you’ve been a client for a long time, we’re still required to gather documentation and verify your identity.
Got any more burning questions about AML?