AML/CFT Compliance for Real Estate Businesses
From 1 January 2019 legislation requires Real Estate Agencies to put preventative measures in place to help tackle money laundering in New Zealand.
Real Estate Agencies are now required to conduct Customer Due Diligence (CDD). CDD involves understanding the ownership structures of clients (e.g. Individuals, Companies or Trusts) and conducting identity verification on associated individuals. In the case of Companies and Trusts, these associated individuals may be Directors, Shareholders, Trustees or Trust Beneficiaries.
We have engaged a specialist service provider, First AML, to conduct CDD on our behalf. They will send an electronic verification form to your email to complete digitally.
Identity verification information
You will be asked to provide information to confirm your name, date of birth and address.
In the case of Companies or Trusts, the Directors, Shareholders, Trustees, and Non-discretionary Trust Beneficiaries may also need to provide this information.
If a Trust is involved with the transaction, the Trust Deed will need to be provided.
Furthermore, the legislation requires that the source of funds/wealth of the Trust is provided. This is evidence proving how the Trust acquired it’s funds or wealth, e.g. through the sale of assets, business proceeds, gifting etc.
Your information will be used for the sole purpose of conducting CDD and identity verification. Your information will remain confidential and will not be shared outside of First AML or PGG Wrightson Real Estate without your consent.
The websites linked to below will assist you in understanding the information we require, and why we require it: