Changes to New Zealand's Anti-Money Laundering and Countering Financing of Terrorism Act 2009 came into force on 1 October 2018. The purpose of the law reflects New Zealand’s commitment to the international initiative to counter the impact that criminal activity has on people and economies within the global community. Under this law tax advisors and accountants must assess the risk faced from the actions of money launderers and people who finance terrorism and to identify potentially suspicious activity.
To make that assessment and comply with the Act, Baucher Consulting Limited is now required to carry out customer due diligence (CDD), which includes verifying the identity and address information of each of our clients. We will need to obtain and verify certain information from you to meet these legal requirements. This information includes:
- your full name; and
- your date of birth; and
- your address
If you are seeing us about company or trust business, we will need information about the company or trust including the people associated with it (such as directors and shareholders, trustees and beneficiaries).
We may also need to ask you for further information, such as the nature and purpose of the proposed work you are asking us to do for you. Information confirming the source of funds for a transaction may also be necessary to meet the legal requirements.
Our firm is a reporting entity under this law. We are in breach of the law if we supply services to someone whose identity we cannot verify, and we will require this information prior to carrying out instructions. If we are not able to obtain the required information from you, it is likely we will not be able to act for you.
Before we start working for you, we will let you know what information we need, and what documents you need to show us. Documentation must be originals or certified copies.