Money Laundering is the disguise of the illegal origins of the proceeds of crime or tax evasion. Financiers of terrorism use similar techniques to money launderers to avoid detection by authorities and protect the identity of those providing and receiving those funds.
New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism Act 2009 came into effect for lawyers on 1 July 2018. The supervisor of this industry sector is the Department of Internal Affairs (DIA) whose role is to ensure lawyers meet their obligations in complying with the legislation.
By this legislation, BCH Law is required to ensure we “Know Our Client” and we achieve this by conducting client due diligence. This includes obtaining a proof of address and verifying the identities of individuals, or those who have a role in a Trust, Company, Partnership etc (e.g. beneficial owners, acting on behalf persons, trustees, directors etc).
Depending on the type of transaction/matter, we may require further information from you (e.g. the details of your source of wealth/funds). We may also have other queries of you to ensure our obligations are met.
Our AML team includes Tom Castle (AML Managing Director), Deborah Palmer (AML Compliance Officer) and Nadine Fruean (AML Assistant). It is their role to ensure the BCH Law compliance obligations are adhered to.
By Nadine Fruean – Senior Administrator
The information contained in this article is provided for informational purposes and should not be construed as legal advice on any subject matter.
