Anti-Money Laundering (AML) and Countering Financing of Terrorism Act 2009 (CFT)
Introduction to AML & CFT for Clients
From 1 October the Anti-Money Laundering (AML) and Countering Financing of Terrorism Act 2009 (CFT) will apply to all New Zealand Chartered Accountant firms including TFS Chartered Accountants.
The purpose of the legislation is to detect and deter money laundering and financing of Terrorism as part of New Zealand's international obligations.
From 1 October 2018 when you engage us to work for you, we will require you to provide documents in order to verify your identity. We are legally required to obtain this information from all clients, even those who have been our clients for many years.
The documents may include a current passport, driver's licence or full birth certificate as well as a Bank statement or utility bill as proof of your residential address. At times, we may ask you for further information or documents.
The Act requires all accounting firms to have procedures in place to minimise the risk of being used to launder money or finance terrorism and to identify potentially suspicious activities. It is considered that accounting firms and the services they offer may be attractive to those engaging in criminal activity.
The legislation has applied to banks for some time and, from 1 October 2018 will apply to accountants and from 1 January 2019, real estate agents.
The information you provide to us will be held electronically in our secure system and will not be released to any third parties.
If we are not able to collect and verify the information you provide to us, the legislation will not permit TFS Chartered Accountants to act for you.