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Since 1 July 2018, law firms are subject to the requirements of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (known as the AML/CFT Act). The new law is aimed at deterring criminal activity and maintaining New Zealand’s international reputation as a safe and reliable place to conduct business.
What does AML/CFT mean for clients of Norm Scott Lawyer?
We are required to collect and verify more information from clients to ensure we know who they are and what they are doing. This is called “customer due diligence” and includes verification of:
In some cases more extensive enquiries may be required. This may involve asking questions about the nature of the legal work, source of wealth or source of funds. We may also need to get information and conduct client due diligence on people not directly involved in the transaction, for example, directors and shareholders of companies and settlors, trustees, and beneficiaries of trusts.
For existing clients of Norm Scott Lawyer this information will only be required when a new transaction is commenced and where current records are insufficient to satisfy the requirements.
For new clients client due diligence is incorporated into the new client engagement procedure. This will usually mean having the necessary information available the first time we see you.
If you have any questions about what this means, please do not hesitate to contact Norm or Vanessa.