AML / CFT Compliance
From 1 July 2018 we have to obtain more information where we act for you. This is part of Phase 2 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“Act”).
The purpose of this Act is to prevent money laundering or the financing of any terrorism. The purpose for collecting the information is so we know more about you and how the work we are doing fits into your overall affairs. If we have any suspicions at any stage, we have an obligation to report this.
When we meet with you to discuss new legal matters we will need to undertake what is called “customer due diligence” (CDD). This is similar to what we already do if you are buying a house, but we may require more documentation from you.
Information required of a person:
Proof of your identity and date of birth – such as a drivers licence, birth certificate or passport.
Proof of your address – such as a recent utilities bill or bank statement.
Information required of a Company or Trust:
Same as above but we will also require further information about other people involved in the company or Trust like the details of people who are Directors, Shareholders, Trustees or Beneficiaries. We may also ask questions about the source of the money, and the reason for the proposed work you are asking us to do.
It is important to understand that under AML, we are unable to continue to work with you if we cannot complete our required CDD.
We appreciate these compliance requirements may be an inconvenience however, rest assured we will expedite the process with as little hassle for you as possible and look forward to attending to your legal requirements.