AML - CFT

Risk Assessment and Program

We can assist you with your risk assessments or developing your AML - CFT Programme. Your business is unique and therefore your risks are unique too, therefore the AML - CFT documents will be tailored for your business.

Audits​

Audits of the Risk Assessment and Program are to be performed every two years. We have the expertise to perform an efficient audit. Where appropriate we will issue you with a management report with recommendations for improvement.

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:

  • They represent a client who's selling real estate and /or

  • 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:

  • Acting as a formation agent of legal persons or legal arrangements

  • 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

  • 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)

  • Managing client funds, accounts, securities, or other assets

  • providing services (either yourself, or when you give instructions to someone else) to:

    • carry out a real estate transaction (as defined in section 4 of the Real Estate Agents Act 2008).

    • 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.

    •  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

  • 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.

  • 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)

  • Managing client funds, accounts, or securities or other assets.

  • Providing services (either yourself, or when you give instructions to someone else.

  • Providing conveyancing services either yourself or when you give instructions to someone else.

Source: Ministry of Justice Website

Contact Us

level 26 I PWC Tower I 188 Quay St I Auckland - 1142

Tel. +64 9 3633 888