AML/CFT ACT

 

The Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT) came into force in 2009. Banks and financial institutions have been subject to AML/CFT since that time.

Effective from 1 July 2018, lawyers also must comply with the requirements of AML/CFT. Essentially, lawyers must now play their part in countering the impact that the actions of “money launderers” and “terrorists” has on the wider global community.

 

So, what does this mean for you, our clients?

From 1 July 2018, we, along with all lawyers, are required to assess the risk faced from the actions of money launderers and terrorists. It is our requirement that we take proper steps to identify potentially suspicious activity.

To do this, we need to undertake “CUSTOMER DUE DILIGENCE” on all our clients, and this must be completed before we are able to act for you. This is even if you have previously conducted business with us.

 

What is required under Customer Due Diligence:

The basic information needed is:

  • Full name
  • Date of birth
  • Current residential address

AML/CFT also requires that we confirm the above details as correct.
This means:

For proof of identity you must provide:

  • Passport – which is acceptable on its own
  • Driver’s Licence
    plus one of the following:
  • Birth Certificate
  • Credit or debit card that contains your name and signature
  • Bank account statement – original
  • Statement issued by Government agency – original
  • Super Gold Card

For proof of address we will need one of the following:
(these must have been issued within the previous three (3) months—

  • Utility bill – phone, electricity, etc
  • Rates bill
  • Bank account statement
  • Insurance premium notice
  • Statement issued by Government agency

AML/CFT requires that the documents you provide be certified. We are able to do this for you.

Should you be instructing us in relation to Trust or Company matters, then there is additional information that we are required to obtain from you, such as:

  • Trustees of the Trust
  • Beneficiaries of the Trust
  • Type of Trust
  • Full legal name of Company
  • Details of Directors
  • Details of Shareholders

We are also required to ask you for full details of the nature and purpose of the work you are requesting us to complete on your behalf. To meet legal requirements, this will extend to obtaining information regarding where the source of funds for a transaction may have come from.

 

What if you are unable to provide information:

In the event that you are unable or unwilling to provide required information, then the law states that we may not be able to act for you.

We will, of course, let you know at such time as you ask us to act on your behalf on any matter, what information and documents you will need to provide before we are able to commence acting for you.

Should you have any queries or concerns, please contact us to discuss.

 

Download the required documents below:

240114 – CDD – Individual
240112 – CDD – Joint
240105 – CDD – Trusts
240101 – CDD – Companies
240080 – CDD – Other Entities

 

Kelvin Glenn
Compliance Officer/Practice Manager
Clark Boyce Lawyers