Anti-money Laundering Requirements….. we have to do this and we are sorry to ask
From 1 October 2018 we are required to get more information from you than we have in the past. This is all part of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, not the easiest of titles to vocalise so more commonly referred to as AML.
The purpose of the Act is to stop money laundering or the financing of terrorism. New Zealand has a bit of a name as a tax haven internationally, because of all the family trusts we have and how easy they are to set up, and how easy it is to set up a company.
By getting more information from you, we aim to have more knowledge about the transactions we are undertaking for you. This is to make sure that we complete our duties under the Act. If we have any suspicions about you or your transaction then we have an obligation to report them.
The information we require;
For a person:
- Proof of your identity and date of birth – such as drivers licence or passport
- Proof of your address – a recent utilities bill or bank statement works for this.
For a Trust or a Company: Same as above but we will need;
- ID and address info for everyone who is involved in the company or trust. This will include all the Directors, Shareholders, Trustees, and Beneficiaries.
You can provide us with the relevant documents, before we ask you, by sending certified copies to firstname.lastname@example.org.
We are able to complete your annual financials and tax obligations however if we have to access your bank or transfer within IRD we will have to have all our ducks in a row, and boxes ticked, before we can do this work for you. If you can’t answer all our questions then we will only be able to complete your financials and tax obligations. If it is any comfort we have to do this process for everyone, even Justin and his family.
We will hold an electronic copy of the documents.