Anti Money Laundering Requirements
Lawyers, Accountants and Real Estate Agents have recently become subject to the antimoney
laundering and countering the financing of terrorism regime.
As such we now need to obtain and hold verification of a person’s identity and verification of
their address. We also need to be satisfied in respect to any transactions involving the
purchase or sale of a property as to the source of funding for such sale or purchase.
We will therefore be asking more questions and requiring more documentary evidence of your
source of funds. This includes copies of statements in relation to any previous sales of property
or businesses or statements from your bank or investment advisors.
You may have already had to provide such information to your bank when setting up your
bank account or applying for a loan etc.
The regime is designed to make it harder to launder money however one wonders if the
amount captured or kept out of the system by this regime in any way equates to the cost of
compliance for the country, given that all of the above industries are having to comply with this
new system which takes more time requires the holding of more information and the
employment of more staff.
There are of course bigger picture reasons for becoming part of the system which means
being a good world citizen and portraying New Zealand as a “clean” place to do business by
having the appropriate safeguards in place.
Ironically many of these requirements are driven by the United States and there is no need to
say that as of today much of the news coming out of the United States seems to revolve
around international funds going into and out of politics in the US and high profile politicians
being the beneficiaries of such funds.