Should I Prepare To Comply 2017-06-21T14:51:04+00:00

Should I Prepare To Comply?

We explain who else needs to comply with AML/CFT Phase 2

Lawyers & Accountants

Lawyers & Accountants

Lawyers and accountants will need to comply if your business:

  • helps in the formation of legal structures;
  • acts, or arranges for another to act, as a trustee, nominee director, or nominee shareholder;
  • provides registered office or business addresses for legal structures;
  • manage client funds, accounts, securities, or other assets;
  • engaging in conveyancing transaction activity or advice on behalf of a customer buying or selling property;
  • engages in transactions or advice relating to the buying, selling, or transferring of real estate, businesses, or other legal structures.

Conveyancers

Conveyancers

Conveyancers will need to comply if you provide conveyancing services as part of the sale or purchase of real estate.

Real Estate Agents

Real Estate Agents

Real estate agents will need to comply if you:

  • represent a client who’s selling or buying real estate;
  • accept a deposit in cash of $10,000 or more from someone who’s buying real estate.

High Value Dealers

High Value Dealers

High value dealers will need to comply if you buy or sell jewellery, precious metals, precious stones, watches, motor vehicles, boats, art or antiquities, and you:

  • accept or make cash payments of NZ$15,000 or more in one transaction
  • accept or make several cash payments involving the same customer that total $15,000 or more and you suspect they’re trying to stay under the $15,000 threshold.

If you decide not to accept or make cash payments of $15,000 or more, then you don’t have any obligations under the AML/CFT Act.

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