Anti-Money Laundering and Client Verification
Why do we need to collect this information?
Like all New Zealand law firms, Pitt & Moore is required to comply with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act).
The AML/CFT Act is designed to help prevent money laundering, fraud, organised crime, and the financing of terrorism by requiring businesses such as law firms, banks, accountants, and real estate agencies to verify the identity of their clients and understand the source of funds used in certain transactions.
What information will we need from you?
Depending on the nature of the work we are undertaking, we may need to obtain information and documentation to verify:
· your identity;
· your residential address;
· the nature and purpose of our engagement;
· the source of funds used in a transaction; and/or
· the source of wealth of individuals or entities involved in a transaction.
If you are acting through a company, trust, partnership, incorporated society, or other entity, we may need additional information about the structure, ownership, control, and beneficial owners of that entity.
How will we verify your identity?
In most cases, we can verify your identity in one of two ways:
· by using approved forms of identification, such as a passport or driver licence, together with proof of address documentation; or
· using AplyID, a secure electronic identity verification platform. Where appropriate, we will send you a secure AplyID link which allows you to verify your identity electronically using your smartphone or other device. This process typically involves providing a photograph of your identification document and a facial verification check.
The information we require will vary depending on the type of client and the nature of the transaction.
When do these checks need to be completed?
The AML/CFT Act requires us to complete the necessary verification checks before we are able to carry out certain work or transactions for you.
To avoid delays, we encourage clients to provide any requested identification and verification information as soon as possible.
Why are additional questions sometimes required?
The AML/CFT Act requires law firms to apply a risk-based approach. As a result, some clients and transactions require a higher level of due diligence than others.
For example, where trusts, overseas individuals, complex ownership structures, large transactions, or particular funding arrangements are involved, we may be required to obtain further information and supporting documentation.
Protecting your information
We understand that the information requested can be sensitive. Any information collected for AML/CFT purposes is handled securely and in accordance with our professional obligations and the Privacy Act 2020.
Where we use AplyID to verify identity information, information is collected and processed through secure systems designed specifically for AML/CFT compliance and identity verification purposes.
Questions?
We appreciate your cooperation. These requirements apply to all New Zealand law firms and help maintain the integrity of New Zealand's financial and legal systems.
If you have any questions about the information we have requested, please contact the member of our team assisting you with your matter.
Frequently Asked Questions
-
The AML/CFT Act applies to all law firms and requires us to verify client information in certain circumstances, regardless of how long we have acted for you.
-
AplyID is the secure electronic verification platform used by Pitt & Moore to help meet our obligations under the AML/CFT Act and to make the verification process quicker and more convenient for our clients.
-
No. The level of information required depends on the type of work being undertaken and the level of due diligence required under the AML/CFT Act.
-
In some cases we may be unable to undertake certain work or complete particular transactions until all AML/CFT requirements have been satisfied.
-
We understand that it can be frustrating to be asked for the same information by multiple organisations. However, the AML/CFT Act requires each organisation that is subject to the legislation—including law firms, banks, accountants and real estate agencies—to undertake its own client due diligence and maintain its own records.
This means we cannot simply rely on checks that have been completed by another organisation. While we aim to make the process as simple as possible, we are required by law to collect and verify certain information ourselves.
Using AplyID helps us do this as quickly and conveniently as possible.