Anti-Money Laundering (AML)
Anti-Money Laundering Act 2019
From 1st of January 2019, real estate companies will be subject to The Anti-Money Laundering and Counter Financing of Terrorism Act (2009) as part of a continuation of the New Zealand Government's strategy to tackle money laundering and the financing of terrorism.
This being the case, we will now be obliged to carry out identity verification checks on all of our clients before we can proceed with any agency work.
What information do I need to provide?
If you are selling or leasing your property with us, you will need to provide:
- Full legal name
- Date of birth
- Photo identification
If you are part of a trust selling the property then we need to know the above details for each of the trustees that will benefit from the transaction. If the property is being sold by a company, we need to know the identity of each person that holds more than a 25% share.
How do I prove my identity?
You can use any of following documents to prove your identity so long as the single document or combination of documents contain name, date of birth, a recent photograph and address:
- Driver's licence
- Firearms licence
- Birth certificate
- Citizenship certificate
- Bank statement
- Utility bill
After we have received this information from you, we may need to ask you for some more information to establish:
Why the property is being sold/leased
How many properties the individual, company or trust has sold or purchased in the past 5 years
What will be done with the proceeds of the sale/lease
Source of funds/wealth
You can find out more information about the AML Act by visiting https://www.keepourmoneyclean.govt.nz/ where they have a range of useful resources. Or alternatively please email our AML Compliance Officer Tassanee Puklowski.