Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT)
New Zealand has passed legislation in 2018 requiring accounting practises to comply with NZ Anti-Money Laundering and Counter Financing of Terrorism Act (AML-CFT Act) Obligations. What this means is that TvA as accountants are required to assess the risk we face from clients who may want to use our business to launder money or finance terrorism. To help us make that assessment, the law requires us to carry out Customer Due Diligence (CDD) or Enhanced Customer Due Diligence (ECDD) on all new clients.
If you are a new client to TvA, we will need to discuss the nature and purpose of the proposed work you are engaging TvA to do for you.
Customer Due Diligence information
This involves TvA obtaining and verifying information from new clients about a number of things, including your full name, date of birth, and physical address. To confirm these details we are required to see and take copies of original or certified copies of the following documents:
- Photo ID
- Proof of Address
See our AML identity Checklist for a detailed guide on identity verification.
If you have a Company, Trust, or Estate we will need further information on these structures, including the people associated with it (such as Directors, Shareholders, Trustees, Beneficiaries and Executors).
Conducting Enhanced CDD on your Company, Trust or Estate will require TvA to meet the legal requirements under the AML/CFT Act to confirm and verify Proof of Address, Source of Funds and/or Source of Wealth.
What happens if you cannot provide the requested information
Please note this is a legal obligation and not a TvA initiated request. We will let you know what information we require and what documents you need to supply us. This is not something we take lightly and if for any reason you are unable to comply with our requests, we will legally be unable to verify you and therefore be unable to act on your behalf.
Please call our office and speak to us if you have any queries or concerns regarding your AML/CFT obligations on Ph: 03 578 3386
