Lately, it seems like New Zealand often comes up in conversations about other topics. A vacation story becomes a question about visas. A golf trip turns into a real estate discussion. For a growing number of affluent Americans, the archipelago nation has shifted from a bucket-list destination to somewhere they’re seriously considering spending more time. At a premier coastal resort about 60 miles north of Auckland, that shift is beginning to show up in the housing market.
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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.
Every precaution has been taken to establish the accuracy of the material on this website. Users of this website should not confine themselves to the contents, but should make their own enquiries to satisfy themselves in all respects. Legacy Partners Limited and Legacy Realty Partners Limited will not accept any responsibility should any details prove to be incomplete or incorrect.
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