Fortune Manning Required to Conduct Customer Due Diligence Regarding New AML/CFT Laws

To improve New Zealand's ability to tackle money laundering and terrorism financing, the Government has made law changes that affect various businesses and professions. The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Act 2017 puts in place "Phase 2" of NewZealand's AML/CFT laws.

To improve New Zealand’s ability to tackle money laundering and terrorism financing, the Government has made law changes that affect various businesses and professions. The new laws extend the current AML/CFT Act to cover more businesses (including real estate agents and conveyancers; many lawyers and accountants; some businesses that deal in expensive goods; and betting on sports and racing). They also make some changes that affect “Phase 1” businesses (including banks, casinos and a range of financial service providers) who have had to comply with the Act since 2013. 

Each year about $1.35 billion from the proceeds of fraud and illegal drugs is laundered through everyday New Zealand businesses. These law changes put in place practical measures to protect businesses and make it harder for criminals to profit from and fund illegal activity. They’ll also safeguard and help New Zealand live up to our reputation as being one of the least corrupt countries and a good place to do business.

The law will come into effect in stages for different sectors to give businesses time to prepare for the changes. 

From 1 July 2018, all law firms must comply with the requirements and obligations under New Zealand anti-money laundering and countering financing of terrorism laws. As a reporting entity, Fortune Manning may be required to conduct customer due diligence on new and existing clients.  This will involve collecting and verifying identification information from our clients, so for more information on Auckland lawyers, doing business in NZ and property please go to www.fortunemanning.co.nz .