The Anti-Money Laundering and Countering Financing of Terrorism Act 2009
From 1 July 2018 all law firms are required to comply with New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism requirements (‘AML Compliance’).
Before we commence work for clients, we are required to identify clients to the AML Compliance standard. We may need to make inquiries as to the source of funds, how clients plan to fund a transaction and any other requirements of enhanced due diligence which form part of AML Compliance.
AML Compliance requires the reporting of suspicious activities, international payments and the receipt of large sums of cash, through solicitors’ trust accounts, to the Financial Intelligence Unit of the New Zealand Police.
We will charge clients a fee for our time to meet AML Compliance.
Please see the links below for further information.
CRS (Common Reporting Standards) and FATCA (The Foreign Account Tax Compliance Act)
If instructed by clients, funds that we are holding on their behalf, can be lodged on interest bearing deposit with our bank. To do this we are required under CRS (Common Reporting Standards) and FATCA (The Foreign Account Tax Compliance Act) legislation to obtain various self-certification forms from client.
Under this legislation we may be required to report financial details of funds held by us or income derived through our trust account, to a foreign government in respect of foreign citizens or persons who are tax payers in foreign jurisdictions.
We will assist clients with the forms to be completed by the client. We will charge clients a fee for meeting this compliance requirement.