AML Information

Anti-money laundering (inc AML/CFT Act)

From 1 October 2018, New Zealand accountants will need to comply with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (Act). We explain this change below, and how it will impact the way we work with existing and new clients.

What is the impact of this change?

New Zealand accounting firms will need to have systems in place to conduct customer due diligence (CDD) on both new and existing clients. This will include verifying identity, address and in some cases source of wealth and source of funds. Accountants will also be required to report any suspicious activity to the appropriate authority.

What does this mean for new clients of Gilligan Sheppard?

From 1 October 2018, before we can start work for a new client we will need to obtain satisfactory evidence to complete CDD. This includes verifying and documenting identity, 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 clients of Gilligan Sheppard?

From 1 October 2018 we will also need to carry out CDD on existing clients, which will be done on a gradual basis. We will contact existing clients to let them know when this will happen and what information will be required. We are required to do this even though we may have known you for some time, and even though we may have asked for some identity documentation before. This is because the new requirements are more extensive than any that previously applied.

In addition, if a new instruction from an existing client specifically involves an activity covered by the Act then we may be required to complete CDD before we can start work on the project.

Who can I contact for more information?

If you require more information please contact the Gilligan Sheppard accountant who you usually work with or Yi Ping Ge, our AML compliance officer.

For full details of the Act, you can read it in its entirety by clicking here.

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Yi Ping Ge

Partner.
Read Yi Ping’s profile.

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