AML/CFT

What is AML/CFT?

The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) places obligations on many entities in the financial and other sectors. 

​Accountants have to establish a compliance programme which determines our policies, procedures and controls for how we will detect and manage any money laundering ​(ML) or terrorist financing (FT) risks that our business may face. This involves verifying the identity of all new and existing clients, advising the Police Financial Intelligence Unit (FIU) or any cash transactions of more than $10,000 or any international wire transfers of more than $1,000, and monitoring client accounts to identify any potential warning signs of ML/FT, then reporting that to the NZ Police FIU.

Finally, we have to regularly review our risk assessment and compliance programme, submit an annual report to the Department of Internal Affairs (DIA), and have our programme audited once every two years.

Who Is Your Compliance Officer?

All reporting entities must have a Compliance Officer (CO). Our CO is Asher Crossman and our Assistant CO is Marcel Burrows. You can email Marcel by using the form below, to contact Asher, please use the form on the Contact page or call him on 099730706, then dial his extension

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How do You Verify Client Identity?

We generally either sight the NZ Driver Licence (NZDL) or we request a certified copy of the NZDL. We then use an approved third-party provider to verify the NZDL against the NZDL database. If no NZDL, then we can sight a passport. In each instance, we photograph the document.

We also need to obtain proof of address. This is usually done by the client providing a bank statement or utility bill that is no more than 3 months old. The document needs to show the name and address of the person we are verifying.

What Is A "Trusted Referee"?

A trusted referee is a person who is able to certify an identity document under the AML/CFT Act. See here for a list of trusted referees and what they have to do to certify a document.

Authorisation Links

Please use the following authorisation links:

Jargon

AML/CFT Act - Anti-Money Laundering and Countering Financing of Terrorism Act 2009
​CDD - Customer Due Diligence
CO - Compliance Officer
​DIA - Department of Internal Affairs
DL - Driver Licence
FIU - NZ Police Financial Intelligence Unit
​ML/FT - Money Laundering/Financing of Terrorism
​​​NZDL - New Zealand Driver Licence

More Information

Tax Evasion & Money Laundering IRD Fact Sheet
File Size: 108 kb
File Type: pdf
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