Earlier this month Te Tari Taiwhenua (DIA) reminded us that the ultimate consequences of not meeting our AML (anti-money laundering) requirements could result in a stay at Her Majesty’s pleasure!
An AML reporting entity is any organization, business activity or profession that, by nature of its services, has a ‘gate-keeping’ role in the prevention of money-laundering and financing of terrorism (AML/CFT) in New Zealand. We are obligated to answer questions around the services we provide each of our clients that could facilitate illegal activities in the wrong hands, thereby doing our bit to maintain the security of the country.
Earlier this year one of New Zealand’s largest real estate companies, Property Brokers Limited, were given a strong warning to get their policies, procedures, and controls compliant or risk a fine of up to NZ$2 million.
Wesley Jones Law is conscious that being asked for AML information can feel intrusive to our clients so we try our best to make the process as open and unthreatening as possible, explaining every step as we go and only asking what is legally required to meet our obligations.