AML Requirements

Recent changes to New Zealand’s Anti-Money Laundering legislation mean that from 1 October 2018, accountants are required to collect and verify identification and other personal information about clients, individuals who own or control clients, and individuals instructing us on behalf of clients.  The AML/CFT law calls this process “client due diligence” or ‘CDD’.

The purpose of the AML/CFT Act is to detect and deter money laundering and the financing of terrorism.  It aims to maintain and enhance New Zealand’s international reputation as a country difficult to launder money through.

Accountants CDD verification requirements are like those of banks and Lawyers.  We must sight source documents to confirm your full name, date of birth and current address and record this information even if we have an existing relationship with you.

To meet the requirements of the AML/CFT Act, F T Dooley Limited will be implementing processes and controls immediately for any new client relationships from 1 October 2018, and for existing clients as we are engaged to carry out any services that may vary from what is currently provided.  Over time we are obliged to carry out CDD for all existing clients.  Where practical, we will be looking to complete CDD in anticipation of any changes in services, to ensure this does not affect the timely delivery of these services to you.

To undertake the above, we may request proof of identification information or documentation from you like a passport, driver’s license and address verification (e.g. utilities bill).  We will also need to ask you questions about the nature and purpose of the work you are requesting us to complete and information confirming the source of funds for a transaction may be necessary to meet legal requirements.

If you have any questions about this, please contact one of our friendly team.