Client Due Diligence - Why we need information from you
From 1 July 2018, TODD & WALKER Law (we) and ALL law firms in New Zealand are required by the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the Act) to conduct due diligence on all new clients, and existing clients before we can commence work on your behalf.
The intended purpose of the Act is to enforce measures to aid the detection and prevention of money-laundering and to counter the financing of terrorism to safeguard the continued reputation of New Zealand as being one of the safest nations in the world in which to conduct business.
The Act requires lawyers, as well as real estate agents, banks, accountants, and other financial institutions (Reporting Entities) to adopt the due diligence process with their clients. Reporting Entities are required to collect information on their clients, monitor transactions on an ongoing basis and report to the New Zealand Police where a client’s behaviour gives rise to any suspicion of money laundering or financing of terrorism.
What information we may need from you
To meet our obligations under the Act if you instruct us to work on your behalf then we must request specific information from you and must ask questions about the nature of the business you are conducting. We must also take reasonable steps to ensure this information is correct. We will therefore be required to request forms of identification from you to verify the information provided.
Please note that we are required to request and review all of this information BEFORE we start any work for you.
Any failure to provide the information requested means that we are NOT able to act for you.
As soon as you instruct us to work on your behalf we will inform you in detail of what information is required and provide you with a flow chart instruction form to complete. It is beneficial to us if you collect this information as soon as you are ready to instruct us to allow us to work on your matter straightaway. Please see below the type of information you will be expected to provide:
If you are an individual we will need:
- Full name and Date of Birth from a valid photo Identification
- Proof of address from a current bank statement or utility bill
If you are a Company or a Trust we will need:
- Information about the Company/Trust including the nature of the entity
- Full name and Date of Birth from a valid photo Identification of every person associated with it (Trustee, Beneficiary, Director, Shareholder)
It may also be necessary for us to request national identity numbers of all individuals or entities involved as well as the source of funds where any transactions are required.
The team at TODD & WALKER Law will be able to advise you on any questions you may have regarding these requirements and the person who will be undertaking work on your matter will work with you closely to provide support obtaining this information. If you have any questions then please contact us on 03 441 2743.