New Zealand has a law called the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (we will call it the AML/CFT law).
Lawyers are required to do a number of things to help combat money laundering and terrorist financing.
Law firms and other professionals must assess the risk they may face from the actions of money launderers and people who finance terrorism and to identify potentially suspicious activity.
To make that assessment we must obtain and verify information from prospective and existing clients about a range of things. This is part of what the AML/CFT law calls “client due diligence” (CDD).
Client Due Diligence requires us to undertake certain background checks before providing services to clients. We must also take reasonable steps to make sure the information they receive from clients is correct, and so we need to ask for documents that show this.
Our identification requirements for Individuals, Companies and Trust is detailed below:
- AML Identification Requirements for Individual
- AML Identification Requirements for Companies
- AML Identification Requirements for Trusts
FATCA is the United States' Foreign Account Tax Compliance Act. Its objective is to reduce tax evasion by US citizens, tax residents, and entities. US citizens and tax residents are required to report their worldwide income to the Internal Revenue Service (IRS) whether they live in the US or not.
FATCA is United States legislation that aims to reduce tax evasion of US citizens, tax residents and entities that have bank accounts outside of the US.
Govett Quilliam has a Non- Financial Foreign Entity (NFFE) are required to comply with the Foreign Account Tax Compliance Act (FATCA) and provide our Financial Institutions information on our client’s who are US tax residences and receive interest income.
Our FATCA self- certification forms are below: