Anti-Money Laundering (AML) 

Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT)

From 1st of January 2019, real estate companies will be subject to The Anti-Money Laundering and Counter Financing of Terrorism Act 2009 (AML/CFT) (the Act) (AML) as part of a continuation of the New Zealand Government's strategy to tackle money laundering and the financing of terrorism.

JLL is required to conduct identity verification checks and customer due diligence on all clients before proceeding with any agency work. All the required documents/ information is under Anti-Money Laundering and Counter Financing of Terrorism Act 2009. In order to ensure smooth processing, we would appreciate your assistance in providing the necessary documentation upon request.

When JLL does AML/CFT check, it is not an indicator to say we think you are laundering money, nor there are any suspicious activities, we are doing it to fulfill our legal obligation. This is to protect you and us.

What information do I need to provide?

  1. Individual: one or more of the following to verify the name, date of birth, and residential address:
    • New Zealand passport or overseas passport
    • New Zealand certificate of identity or overseas national identity card
    • New Zealand Drivers Licence
    • New Zealand refugee travel document
    • New Zealand firearms licence
    • Bank statement
    • Utility bill
    • Any other options for documentary verification permitted by The Amended Identity Verification Code of Practice 2013
  2. Companies: the following to verify the identity and address of both the Company and the key individuals associated with the Company :
    • Certificate of incorporation
    • Company address
    • Key individuals to be identified and/or verified as per ‘individuals’ include:
      • Directors
      • those owning a prescribed threshold of more than 25% of the client
      • those with authority to act on the account (i.e. signing authority)
      • those who can exercise effective control over the client
      • persons on whose behalf the transaction is conducted
  3. Trust: following to verify the identity and address of both the Trust and key individuals associated with the Trust:
    • Trust deeds and any subsequent deeds of appointment or retirement
    • Trust address
    • Key individuals to be identified and/or verified as per ‘individuals’ include:
      • Trustees
      • Settlors
      • Beneficiaries (Discretionary and Charitable Trusts)
      • Persons acting on behalf of the Trust or trustees
      • Individuals in power to alter the trust deed
  4. Partnership: the following to verify the identity and address of both the Partnership and key individuals associated with the Partnership:
    • Partnership Agreement
    • Address
    • Key individuals to be identified and/or verified as per ‘individuals’ include:
      • Partners
      • Agents with authority to operate the account
      • Partners (individuals) with >25% interest in the partnership
  5. Limited Partnership: the following to verify the identity and address of both the Limited Partnership and key individuals associated with the Limited Partnership:
    • Partnership Agreement
    • Address
    • Key individuals to be identified and/or verified as per ‘individuals’ include:
      • General partners
      • Directors of General Partner
      • Limited partners with >25% interest in the Limited Partnership
  6. Incorporated/Friendly Societies: the following to verify the identity and address of the Society and key individuals associated with the Society:
    • Society Rules
    • Key individuals to be identified and/or verified as per ‘individuals’ include:
      • Members authorised to operate the account

In addition to the above, JLL must obtain information relating to the source of the funds/ source of wealth of the client and any additional information prescribed by regulations where the client is deemed to be of a higher risk under the Act. The following clients and business transactions are subject to these requirements:

  • A trust or another vehicle for holding personal assets
  • A non-resident customer from a country that has insufficient AML/CFT systems or measures in place
  • A company with nominee shareholders or shares in bearer form
  • A politically exposed person (PEP)
  • A customer seeking to conduct a complex, unusually large transaction or unusual pattern of transactions that have no apparent or visible economic or lawful purpose
  • Any other customer or circumstances that you assess (based on your risk assessment and standard CDD) to be of high ML/TF risk
  • A business relationship with a company with 1 or more nominee directors
  • A business relationship with a nominee general partner of a limited partnership or overseas limited partnership
  • A business relationship with a customer that involves new or developing technologies, or new or developing products, that might favour anonymity
  • A customer seeking to conduct an occasional transaction or activity through the reporting entity that involves new or developing technologies, or new or developing products, that might favour anonymity.
  • A customer seeks to conduct a complex, unusually large transaction or unusual pattern of transactions that have no apparent or visible economic or lawful purpose.

Final steps

After receiving this information from you, we may need to ask you for some more information to establish:

  • Nature/purpose of this business relationship (sale/lease)
  • How many properties the client has sold or purchased in the past 5 years
  • What will be done with the proceeds of the sale/lease

For Support

Should you require further information about the Act please visit The Department of Internal Affairs. Alternatively, you could email our AML Compliance Officer Kathryn Qiu .