What is AML?
Anti-Money Laundering? What’s that? I didn’t have to do that last time… why do I have to do it now?
Changes to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML Act) came into force on 1st July 2018, so if you haven’t needed a lawyer since buying your first house in 2017 then this will be new for you, but it’s okay everyone is in the same boat.
We know it sounds scary, but it really isn’t! It’'s just a little more admin early on when engaging a lawyer, below we will let you know what Anti-Money Laundering ‘AML’ is and why we need to do it.
The Act aims to protect New Zealand against criminal activity both transactions and behavior alongside detecting and deterring terrorism financing and money laundering.
The changes to this Act applies to us here at Walker Murdoch Law and all other law firms. It applies to accountants, and all real estate agents, to name a few. At Walker Murdoch Law we need to do some administration with our clients to obtain specific information to comply with our requirements under the Act.
We make sure we let you know what is required as soon as you engage us so that we can have it all sorted as soon as possible.
What we will need from you:
Proof of your identity - this could be your passport (our preferred choice), drivers license, firearms license, Super Gold Card (all options except a passport will also require a credit or debit card with your name embossed).
Proof of your address – this could be a bank statement issued by a registered bank, rates notice or internet bill. All methods of proof of address will need to be issued within the last three months.
Your IRD number.
To verify your proof of identity and address, if you are a local client its as easy as popping into our office with information and having them verified with one of our staff members, it’s a five minute job tops…
Trust us, it’s easy and you don’t even need to book in for an appointment to do so! If you are not a local client you will need to have this information verified by a Justice of the Peace, Notary Public or Lawyer and then sent to us.
If you are engaging our office on behalf of a business, company or Trust, we will likely need that information about the relevant people associated with it (e.g trustees, directors, beneficiaries and shareholders) if applicable. We can guide you through this.
Please don’t be offended if we need to ask you a few more questions about the purpose of the work you have engaged us in or the source of funds, it is a legal requirement for us to do so and remember – everything is strictly confidential.
Courtney Dempster, Walker Murdoch Law Limited