Anti Money Laundering - Proving Your Identity!
Updated: May 3, 2020
From 1 July 2018, lawyers and conveyancers are required to verify the identity1 of their clients in accordance with anti-money laundering legislation. If your lawyer cannot verify your identity in line with the legislation, they will not be able to act for you. If your lawyer cannot act for you, you may not be able to satisfy the conditions of your property purchase and will not be able to settle your property purchase or sale. As identity verification can take days and sometimes weeks if a trust or company is involved, we strongly recommend that you contact your lawyer as soon as possible to have your identity verification completed.
The below gives an indication of some the documents your lawyer may ask you to present in person or as a certified document as part of this process:
Individuals: Passport, NZ Firearms Licence or NZ Driver Licence with another document such as a bank statement or statement issued by a Government agency. You will also need to provide a document with your residential address (for example, a utility bill).
Trusts: The Trust Deed and, for all trustees and settlors, the information required for individuals as noted above, together with information regarding the Trust’s source of funds or wealth. Additional information may also be required for beneficiaries and appointers.
Companies: Details of the company, together with the information for individuals noted above for every individual with more than a 25% shareholding, all individuals with effective control of the company and all individuals acting on behalf of the company. Information regarding source of funds or wealth may also be required. Note: The above list is not exhaustive and is indicative only. Your lawyer will assist you with the specific requirements in relation to your situation.
DISCLAIMER: The material and information contained herein is for general information purposes only and is not intended to form professional legal advice. Premium Team does not accept liability for any claim or other action that may arise directly or indirectly from the use of or reliance on the material and information provided herein. Premium Team recommends you seek independent legal advice if you are unsure of your legal position.