Anti-Money Laundering and Countering Financing of Terrorism Act 2009

 Posted on 01 January 2019 by Admin   |   Filed under templates, internet   |   Comments (7)

New Zealand has passed a law called  theAnti-Money Laundering and Countering Financing of Terrorism Act 2009 (“the AML/CFT law” forshort). The purpose ofthe 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.

Recent changes to the AML/CFT Act mean that from1 st October 2018 Accountants and Bookkeeper’s must comply with its requirements. Accountants and Bookkeeper’s must do a number oft hings 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 Accountants and Bookkeeper’s firms and other professionals offer may be attractive to those involved in criminal activity. The law says that Accountants and Bookkeeper’s 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 and Bookkeeper’s must obtain and verify information from prospective and existing clients about a range of things. This is part of what the AML/CFT lawcalls “customer duediligence”. CUSTOMER DUE DILIGENCE  REQUIREMENTS Customer due diligence requires Accountants and Bookkeeper’s firms to under take certain background checks before providing service to clients or customers. Accountants and Bookkeeper’s 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 fromyou to meet these legal requirements. This information includes: • your full name; and • your date of birth; and • your address. To confirm these details, documents such as your passport, driver’s licence or your birth certificate, and documents that show your address-such as a current bank statement - will be required. 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 fundsfor a transaction may also be necessary to meet the legal requirements. IF YOU CANNOT PROVIDE THE REQUIRED INFORM ATION If we are not able too btain the required information from you, it is likely we will not be able to act for you. Because the law applies to everyone, we need toask for the information even if you have been a clientof ours for a long time.

Before we start working for you,we will let you know what information we need, and what documents you need to show us and let us photocopy. Please contact the Accountant or Bookkeeper who will be undertaking your work, if you have any queries or concerns.

  

Page 2 of 2 1 2 »

Business Associations

Services Overview

Some financial processes need to be maintained on a monthly and annual basis.  These are just a few of the ways our team of professionals can help you:

  • Accounting Support
  • Technical Support
  • Xero Support
  • Payroll Support
  • Budgeting Support

Contact Us

MJ Elrectronics 2003
Murray Elliott
Christine Laing

Address: 4B Taipa View Road
Telephone: +64 9 4060086
FAX: +64 9 4060086
Others: +021 1763199
E-mail: accounts@mje.co.nz