Anti-Money Laundering legislation  - Accountant's responsibilities

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Many of you will be aware of recent changes to New Zealand’s Anti-Money Laundering legislation.  In order to help put a stop to money laundering and financing of terrorism in New Zealand, businesses are required to put preventative measures in place. From 1 October 2018, accountants need to run ‘customer due diligence’ (CDD).  


New processes mean we will request specific information from our clients, similar to what you may have experienced with your bank.  We are required to sight source documents such as a passport or drivers’ licence and address verification (e.g utilities bill). This will be for any new engagements and in relation to any transactions that are not typical. Over time, we are looking to run CDD on all existing clients, we thank you in advance for your patience throughout the process.

Marc Conaco