Anti-Money Laundering compliance and our responsibility
Our firm is a reporting entity under this law.
The law requires that we identify our clients, using similar processes to those that a bank does when you open a bank account. This is called Customer Due Diligence (“CDD”). Documents that we will need will either be an original passport or a certified likeness copy of your passport. (If you don’t have a passport then a driver licence and mail addressed to you from say IRD).
This CDD process is required for all family members that we may act for – example, your partner.
We are also obliged in some circumstances to do Enhanced Customer Due Diligence (“EDD”) where a trust is involved, or where you have a close connection to someone in a politically important position offshore. As well as the CDD requirements we are required to seek explanations from you about the source of funds and who the underlying owners are and perform CDD on them. For example, in a family trust, we are obliged to get CDD for the Trust Settlor, and for all named beneficiaries.
We have to follow our legal obligations and we can’t start to work for you until this CDD / EDD process is completed. You can speed things up by having the documents available for collection when we meet.