AML/CFT Compliance for Real Estate Businesses
New Zealand introduced its Anti-Money Laundering and Countering Financing Terrorism (AML/CFT) legislation in 2009 and from 1 January 2019 Real Estate businesses will be captured under this legislation.
From 1 January 2019 to comply we will, among other things, be required to verify the identity of our clients and the people connected with them for the purposes of engaging with us. We may also need to collect this information about other people we occasionally do business with. We have not needed to collect much of this information previously.
When you engage with us we will ask you for:
your full name; and
your date of birth; and
To confirm and verify these details, documents like your passport or drivers licence and documents that show your address (example a current bank statement or utility bill) will be needed. If you are a company or a trust business, we will need information about the company or trust (including the people associated with it such as directors and shareholders, trustees and beneficiaries). We may also need to ask you for further information.
The websites linked to below will assist you in understanding the information we require, and why we require it: