From 1 July 2018, the AML CFT Act applies to TGT Legal and other law firms.
How the AML CFT Act affects our clients
The AML CFT Act requires TGT Legal to assess the money laundering and terrorist financing risk we may face in our business and to identify potentially suspicious activity.
To make that assessment we must carry out “customer due diligence” (“CDD”) on new and existing clients.
CDD requires us to collect information about a client’s identity (including full name, date of birth and address) and in some cases a client’s source of funds or wealth. For trusts, we will need information about the trust, individuals connected with the trust such as the trustees and beneficiaries and the trust’s source of funds or wealth.
We must also take reasonable steps to make sure the information we receive is correct and we may need to ask for further documents to show this.
To confirm or verify a client’s identity, we will need to see identification such as a passport or birth certificate together with a NZ driver’s licence. To verify address information we will need to see documents that show the client’s address such as a bank statement or utility bill.
We will also need to ask about the nature and purpose of the proposed work we are being asked to do.
If we are not able to obtain the required information, we may not be able to act.
We will communicate further about this with our clients and prospective clients. However, in the meantime, if you have any queries or concerns please contact TGT Legal’s Compliance Officer, Tracy Owen.