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Anti-Money Laundering Compliance

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From 1 October 2018 all Accountants need to comply with the requirements of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML).

The Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) regime seeks to help instill public confidence in our financial systems, both here and overseas. New Zealand is a member of the Financial Action Task Force (FATF) and the Asia/Pacific Group on Money Laundering (APG).

Money laundering is a process where 'dirty money' received from criminal activities, such as misuse of drugs, theft and tax evasion, is passed through legitimate businesses and turned into 'clean money'. It is a significant problem, both here and worldwide. Anti-money laundering and counter-terrorism financing legislation is being implemented in New Zealand.

Most of you will be accustomed to the increased identification requirements of banks and from 1st October, Accountants are also required (by Law) to verify certain clients identification. Where Cary Mossman Limited undertakes certain services for clients, we will be required to obtain identification and address verification documents along with your proof of source of funds in some instances.

The level of information Cary Mossman is required to collect will be deemed by a  number of factors, but largely whether the service Cary Mossman Limited is  providing you is captured under the legislation. The information required will be proof of identity and proof of your address.

Why is this necessary?

New Zealand is currently regarded as one of the safest and least corrupt countries in the world. Accountants now must take steps to assess the risk faced from transactions through activities carried out by those dealing with an accountant.

This will also help other countries transact with New Zealand firms confidently, knowing that money sent into or out of New Zealand is not tainted by the proceeds of crime. Banks have been complying with the AML legislation since 2013; Lawyers since earlier this year and from 1st October, Accountants.

We apologise for any inconvenience this new process may cause but Cary Mossman Limited are required to comply with the new law, with significant fines if not adhered to. We are working hard to minimise any frustration to both existing and new clients and will endeavour to make this information gathering as easy as possible.

Please give us a call if you have any queries.