As of 1 July 2018, New Zealand lawyers must comply with the new Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (Act).
What does compliance with this Act mean?
New Zealand law firms must have systems in place to conduct customer due diligence (CDD) for both existing and new clients. Corban Revell will need to verify identity, address and in some cases source of wealth and source of funds of new and existing clients. We are also be required to report any suspicious activity to the appropriate authority.
What will this mean for new Corban Revell clients?
All new clients will need to provide us with information to complete our CDD. We will need to verify identity documents, address and business structure. The information required will vary depending on whether the client is an individual, partnership, company, public body, estate or trust. CDD will also include identifying any beneficial owner(s) and person(s) acting on behalf of a client.
What does this mean for existing Corban Revell clients?
From 1 July 2018 we will begin carrying out CDD on all existing clients. We will do this over the next 12 months. Initially we will make contact with exisiting clients outlining the information that we need to complete the CDD. If an existing client requires us to begin work on a new instruction that is covered under the Act we will need to complete CDD before we can begin the work.
Who can I contact for more information?
If you require more information please contact Frank Chan.