Anti-Money Laundering (AML) 

Anti-Money Laundering and Counter Financing of Terrorism Act 2009

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.

Under the Act, JLL is required to conduct identity verification checks on all clients before proceeding with any agency work. JLL has engaged an external provider, First AML, to conduct CDD on its behalf. In order to ensure smooth processing, we would appreciate your assistance in providing the necessary documentation upon request.

What information do I need to provide?

The following specifies the information JLL is required to verify where the client is:

  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: the 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 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
  • politically exposed persons
  • a non-resident customer from a country that has insufficient AML systems or measures in place;
  • a Company/Limited Partnership with nominee shareholders/directors or shares in bearer form
  • where a client seeks to conduct a complex, unusually large transaction or unusual pattern of transactions that have no apparent or visible economic or lawful purpose
  • in respect of a transaction conducted (or sought to be conducted) by a customer as soon as practicable after it becomes aware that it must report that transaction as a suspicious activity
  • client seeking to use new and developing technologies or products that might favour anonymity

Final steps

After receiving 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 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 or Keep Our Money Clean. Alternatively, you could email our AML Compliance Officer Monita Nand.