Real Estate Agents
Real Estate Agents are expected to be fully compliant with the requirements of the AML / CFT laws by 1 January 2019. Guidance will be made available on the Department of Internal Affairs website By end of August 2018. Real Estate Agents are required to comply if:
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They represent a client who's selling real estate and /or
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Accept deposit of $10,000 or more from someone who's buying real Estate
Source: Ministry of Justice Website
Accountants
Accountants are required to comply with the AML CFT Act if the following applies:
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Acting as a formation agent of legal persons or legal arrangements
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Acting as, or arranging for a person to act as, a nominee director or nominee shareholder or trustee in relation to legal persons or legal arrangements
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Providing a registered office or a business address, a correspondence address, or an administrative address for a company, or a partnership, or any other legal person or arrangement (unless it's solely for a service which isn't covered by the Act)
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Managing client funds, accounts, securities, or other assets
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providing services (either yourself, or when you give instructions to someone else) to:
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carry out a real estate transaction (as defined in section 4 of the Real Estate Agents Act 2008).
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carry out a transaction on behalf of any person in relation to the buying, transferring or selling of a business or legal person (for example, a company) and any other legal arrangement; or creating, operating, and managing a legal person and any other legal arrangement.
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transfer a beneficial interest in land or other real property.
Source: Ministry of Justice Website
Lawyers
The Law came into effect for law firms as of 1 July 2018. Lawyers have to comply fully with the Act if the following applies:
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If they act as an agent of legal persons or legal arrangements
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if they act as a person or act as nominee director or nominee shareholder or an administrative address for a company, or a partnership, or any other legal person or arrangement.
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Providing registered address or office for a business, or correspondence address, or an administrative address for a company, or a partnership, or any other legal person or arrangement (unless it's only for service which is not covered by the Act)
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Managing client funds, accounts, or securities or other assets.
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Providing services (either yourself, or when you give instructions to someone else.
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Providing conveyancing services either yourself or when you give instructions to someone else.
Source: Ministry of Justice Website
