Wealthy Americans eying New Zealand as a haven are hoping the government will soon relax a ban on house sales to foreigners, according to advisers.
Wealthy Americans eying New Zealand as a haven are hoping the government will soon relax a ban on house sales to foreigners, according to advisers.
Anti-Money Laundering (AML) and Countering Financing of Terrorism Act 2009.
The Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act) was expanded to apply to real estate agents from 1 January 2019. Specific information can be found here.
The AML/CFT Act introduces customer due diligence requirements on real estate agents and requires us to complete risk profiles and have an established AML/CFT compliance programme in place.
Customer due diligence (CDD) is not optional and the Department of Internal Affairs is the AML/CFT supervisor charged with monitoring compliance.
We have an obligation to conduct CDD on:
Our client, any beneficial owner (25% or more) of the client, and any person acting on behalf of the client.
This will require gathering information and certifying identity, and in some instances also verify the source of wealth.
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