Blog

CLIENT DUE DILIGENCE             INFORMATION

Howard Dalzell        01.Oct.2018

Why we need to

ask you for information

New Zealand has passed a law called the Anti- Money Lanundering and Countering Financing of Terrorism Act 2009. The purpose of this 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.

From 1 October 2018 chartered accountants must comply with its requirements.

The law says that accountants must assess the risk they may face from the actions of money launderers and people who finance terrorism and must identify potentially suspicious activity.

Client due diligence requirements                    

Client due diligence requires us to undertake certain background checks before providing service to clients. We must take resonable steps to make sure the information we recevive from clients is correct so we need to ask for documents that show this.

We will need to obtain and verify certain information from you to meet these legal requirements.

To make that assessment, we must obtain and verify information from prospective and existing clients about a range of things.

 

This is called “client due diligence” 

* your full name;  and  

 

* your date of birth; and

     

* your address.

To confirm these details, documents such as your driver’s licence or your birth certificate, and documents that show your address - such as a current bank statement - will be required.

Proof 

of

Identity

Proof 

of

Address

Other

Information

Your Original Passport

OR

Your Birth Certificate/Marriage

Certificate + Your Drivers Licence

One of the following original documents on letterhead and issued within the last 3 months

Utility/Rates Bill Bank Statement Credit Card Statement IRD tax notice Vehicle Registration

If you are seeing us about a company, trust or  partnership, we will need information not only about the company, trust or partnership but also the people associated with it.

We will need proof of identity and proof of address for the following:

Companies

  • All Directors

  • All Shareholders

Trusts

  • All Settlors

  • All Trustees

             

  • List of all beneficiaries and their date of birth and country of residence

  • Trust Deed

Partnerships

  • All Partners

  • All Partnership Agreement   

We may also need to ask you for further information such as:

  • What is the source of your wealth?

  • What type of product or services do you intend to sell?

  • Have you or any family members held a prominent public function in any overseas country in the last 12 months?

If we are not able to obtain the required information from you, it is likely we will not be able to act for you.

 

Because the law applies to everyone, we need to ask for the information even if you have been client of ours for a long time.

Before we start working for you, we will let you know what  information we need, and what documents you need to show us and let us photocopy.

 

Please contact us if you have any queries or concerns.

 including professional trustees and directors of corporate trustees​

 

The information required includes:

Information required for non individuals                

Other Information

If you cannot provide the required information

 

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