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.

  • This field is for validation purposes and should be left unchanged.
As a client Gilligan Sheppard you will have access to international networks and resources to enable optimal outcomes for your business / trust / transaction. xero logo It’s small business accounting software that’s simple, smart and occasionally magical. Log in online anytime, anywhere on your Mac, PC, tablet or phone to get a real-time view of your cash flow. 
As a client Gilligan Sheppard you will have access to international networks and resources to enable optimal outcomes for your business / trust / transaction. tax traders logo Tax Traders allows you to buy someone else’s tax to settle your account with Inland Revenue, as well as save on interest and late payment penalty charges.
As a client Gilligan Sheppard you will have access to international networks and resources to enable optimal outcomes for your business / trust / transaction. smart ar logo Astute cash flow management is essential for operating a small business.
As a client Gilligan Sheppard you will have access to international networks and resources to enable optimal outcomes for your business / trust / transaction. myob logo Trusted by 1.2 million businesses, myob is New Zealand’s largest accounting solutions provider. The platform is equipped to support the needs of New Zealand organisations.
As a client at Gilligan Sheppard you will access to international networks and resources to enable optimal outcomes for your business/trust/transaction.  accountancy insurance logo Tax Audit Insurance specifically designed for accountants in public practice. This provides cost effective protection and peace of mind against the substantial cost that may be incurred should IR or other government authorities conduct a random review, investigation or audit.
As a client Gilligan Sheppard you will have access to international networks and resources to enable optimal outcomes for your business / trust / transaction. cpa logo A CPA is a finance, accounting and business professional with a specific qualification. It indicates a soundness in depth, breadth and quality of accountancy knowledge and gives you competitive advantage over your peers.
As a client Gilligan Sheppard you will have access to international networks and resources to enable optimal outcomes for your business / trust / transaction. agn international logo AGN International is a worldwide asociation, composed of four regions, of independent accounting and advisory businesses.
Wealth & Succession Points to Note
An owner and director of a 150-year-old Auckland iconic business, an Auckland accountant who has been building, guiding, and governing businesses for at least 35 years, and two second-generation (G2) [...]
Led by a purpose of saving lives and livelihoods
Argus Fire Protection designs solutions to protect life, property, and assets from fire. Founded in 1981 as a sprinkler contracting company, it consisted of a few old vans and a team of five [...]
There is no new normal – business principles
Times of exuberance and despair pass. Times where capital or labour is scarce also pass. The constant through all of this is that individually, all humans seek to maximise their utility. For some [...]
Tanya’s secrets to problem-solving
How do you solve a problem like Maria? You can send her to live with a widower and his seven children in Austria, but most problems aren’t that easy to solve. Quite often we’ll come across a [...]
Changes to domestic trusts
The IRD has introduced changes to the annual reporting requirement for domestic trusts for the 2022 income tax year onwards. The reasons for the changes are to better understand and monitor the use [...]
Change is good!
Don’t fear new systems, IT, or learning new things! If the past couple of years has taught us anything, it is that we need to adapt quickly to ensure our businesses keep going and to [...]
How to write an article
Hopefully by now, with this series on content marketing (you’ve just started reading #5) you’ve boarded the content marketing train. Content marketing answers your audience’s questions and [...]
Richard’s April 2022 – May 2022 tax updates
Richard has had over 30 years’ experience with New Zealand and International taxation. His team provide services including: Q&A service for accountants Tax opinions IRD risk reviews and audits [...]
Land and the bright-line test – a beginner’s guide
It’s always good practice to commence a guidance article like the one you are about to read, with a disclaimer and a warning. Firstly, the writer has prepared this document purely from the [...]
The future of money
The United States seems to be getting more and more dysfunctional. Social media bubbles are creating more radical views and domestic terrorism and then got Trump elected president. There’s been a [...]

Click here for details.

We are recognised as authorities in our specialised fields. We publish newsletters with informed opinions that are free for you to subscribe to.

Click here for details.

We are recognised as authorities in our specialised fields. We publish newsletters with informed opinions that are free for you to subscribe to.