New Zealand Anti – Money Laundering and Counter Financing of Terrorism Act 2009
(AML/CFT ACT)
Purpose:
The purpose of the Anti – Money Laundering and Countering Financing of Terrorism Act 2009 is to
1)Detect and deter money laundering and terrorism financing
2)To maintain and enhance New Zealand’s international reputation
3)To contribute to public confidence in the financial system
Background:
Since 1 January 2019 Real Estate Agents/ Business Brokers, as service providers under the AML/CFT ACT are required to obtain proof of identification of parties they are providing services to.
Our client’s are the vendors of business’s and the vendors and lessees of properties we accept agency agreements with for sale or lease.
We are required to obtain Proof of Identity and Proof of Address from our Clients.
In the case of Companies, we are also required to know who the beneficial owner’s of the company are and details of any person acting on behalf of a client company.
A beneficial owner is anyone owning more than 25% of the shares in the company.
Any person acting on behalf of a client (vendor) could be an employee eg; Director or General Manager, Accountant, etc.
In the case where our Client (vendor) is a Trust or Partnership additional information is required and we will advise you the additional information you need to provide.
Note:
If you are concerned regarding the information you are asking us to provide, please talk with us or take legal advice or refer any questions to:
AML Group
Department of Internal Affairs
FREE PHONE 0800 257 887
Email: amlcft@dia.govt.nz/amicft
PLEASE NOTE: If you are not prepared to make all the information requested available, I will be unable to accept an agency for the sale of your business or for the sale or lease of your property.