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Important Client Information Update

The Anti-Money Laundering & Countering Financing of Terrorism Act and how it effects our professional/client relationship.

From July 1st 2018 we will now be requiring more information from all of our clients to comply with the law. Law firms (and other professions) are subject to this new law, as we can be unwittingly used as a way to launder funds etc. This law protects our business, our clients and New Zealand as a whole, and helps the New Zealand Police and the Department of Internal Affairs to stamp out criminal activity.

To comply with this Act, we must assess the risk we may face from the actions of criminals laundering funds or financing terrorism and to identify potentially suspicious activity. As a legal practice we must obtain and verify information from new and existing clients. This is called Client Due Diligence or CDD. This spans everything from your identity to confirming your source of funds and other requirements as necessary.

Basically, we need to verify client information before we can start acting for you. The initial information & verification includes; your full name, date of birth and address. To confirm these details, we now require documents such as your current Passport, NZ Drivers Licence, Birth Certificate and documents that show your current address (eg: a current utility bill).

If you are requiring work under an entity (such as a Partnership, Company or Trust etc), we will require more information, including the people associated with the entity, such as Directors, Shareholders, Trustees etc.

We may not be able to act for you or your entity, if we are not able to obtain this information from you.

If you are not the client, we will also need to understand your relationship to the client and will also require the same CDD, before any legal work can begin.

We are obliged under this Act to report anything suspicious or anyone stating their criminal intentions. It is not protected under client/solicitor privilege.