Anti-Money Laundering (AML) and Countering Financing of Terrorism Act 2009 (CFT)
Introduction to Anti-Money Laundering and Countering Financing of Terrorism Act 2009
From 1 October the Anti-Money Laundering (AML) and Countering Financing of Terrorism Act 2009 (CFT) applies to all New Zealand Chartered Accountant firms including ABA 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.
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.
From 1 October 2018 we may require you to provide documents in order to verify your identity, depending on the work you engage us to do. We are legally required to obtain this information.
The documents may include a current passport, driver’s license 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 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 Associated Business Advisors 2020 Limited (ABA) to act for you.
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.
How can we help you grow and improve your business or personal finances? Simply ask. The ABA accountancy team has a wide range of accounting experience and skills. Get in touch.