Helping You Achieve the Freedoms of Time, Money and Peace of Mind
Why you need to provide proof of identification?
AML/CFT officer for Lynch & Associates Limited
Errol Burn, CA, Director
What is money laundering and financing of terrorism?
Money laundering is how criminals disguise the illegal origins of their money. Financers of terrorism use similar techniques to money launderers to avoid detection by authorities and to protect the identity of those providing and receiving the funds.
The agencies who supervise the AML/CFT regime and the businesses (known as reporting entities under the Act) they monitor are:
The Financial Markets Authority supervises issuers of securities, licensed supervisors, fund managers, brokers and custodians, financial advisers, derivatives issuers, DIMS providers and peer to peer lending and equity crowd funding service providers.
The Department of Internal Affairs supervises casinos, non-deposit taking lenders, money changers, money remitters, payroll remitters, debt collectors, factors, financial leasors, safe deposit box vaults, non-bank credit card providers, stored value card providers and cash transporters, and any other reporting entities not supervised by the Reserve Bank or the Financial Markets Authority.
The Ministry of Justice is responsible for drafting and administering the AML/CFT Act and regulations. The Financial Markets Authority took over the AML/CFT functions of its predecessor, the Securities Commission of New Zealand, on 1 May 2011.
The New Zealand Police Financial Intelligence Unit collates and analyses information relating to suspicious transactional activity.
Lynch and Associates Limited is a Reporting Entity as defined in the Act and is supervised by the Department of Internal Affairs. (“DIA”).
We must comply with the legislation and regulations effective from 1 October 2018. This requires us to undertake certain work on all new clients or major new transactions being undertaken by existing clients.
Some of the additional work we must now perform includes:
Preparation of an AML/CFT Programme that includes procedures to detect, deter, manage and mitigate money laundering and the financing of terror
- Undertake a Risk Assessment of the money laundering and financing of terrorism that we may encounter in the course of running our business
- Appoint a Compliance Officer to administer and maintain our AML/CFT programme
- Undertake Customer Due Diligence processes including customer identification and verification of identity
- Report suspicious transactions
- Have our systems and processes independently audited once every two years
- Provide an annual report to the DIA concerning systems and processes.
Providing Proof of Identification
As a client of our business that has to comply with the AML/CFT Act you may be asked to provide us with proof of identification.
Further information on why you are being asked to provide proof of identification:
CDD information sheet: proof of identification - English - updated 29/6/2018 (PDF, 257KB)*
- CDD information sheet: proof of identification - Chinese - updated 9/7/2018 (PDF, 345KB)
- CDD information sheet: proof of identification - Samoan - updated 9/7/2018 (PDF, 236KB)*
Errol's expertise is in the areas of audit, assurance, AML/CFT.
He has a clear focus on adding value to his clients' lives and their businesses.
To find out how we can help you, contact us now for a no obligation, no fees 60 minute coaching session in any areas of Tax and Compliance, Audit and Assurance or Business Strategic Development.
Errol Burn, CA
Director, Lynch & Associates Limited
AML/CFT Compliance Officer
Get in touch by email or phone:
+64 9 366 6008