Anti-Money Laundering (AML) Compliance – What You Need to Know
Understanding the AML/CFT Act
New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT law) has been a key part of property law compliance since 1 July 2018, requiring lawyers to help prevent money laundering and terrorist financing.
What This Means for You Today
As part of our ongoing commitment to legal compliance and protecting the integrity of property transactions, we continue to follow strict AML procedures whenever you engage our services.
Even if you have used our services before, we may need to update your information or complete further due diligence to meet current legal requirements. Your cooperation helps us comply with the law and protects everyone involved in property transactions.
Please don't be offended if we ask lots of questions!
What Information Will We Need From You?
To comply with AML requirements, you will need to provide:
- Two forms of original photo identification (such as a passport, driver’s license, or other government-issued ID)
- Proof of your current address (for example, a recent utility bill, bank statement, or official correspondence dated within the last three months)
- Verification of the source of your funds used in the transaction (such as bank statements, loan documents, sale proceeds from another property, or other financial evidence)
Why Is This Necessary?
These requirements help ensure that property transactions are legitimate and that funds are not being used for illegal activities. This is a nationwide standard followed by all law firms in New Zealand.
How Is Your Information Handled?
Your information is stored securely and confidentially. In some cases, it may be shared with regulatory authorities or law enforcement as required by law.
What Should You Expect?
Providing the necessary documents early in the process helps us work efficiently and avoid delays. If you have any questions or need assistance gathering your documents, our team is here to help.