By Kay Keam - 21 Jun 2018
From 1 July this year, we may be required to undertake due
diligence in order to comply with our obligations under the
Anti-Money Laundering and Countering Financing of Terrorism Act
(AML/CFT). The information required
(if any) will differ depending on the nature of your work and
your type of entity. We will need this information
prior to carrying out your instructions.
The next time we receive instructions from you, or if there is a
material change in the nature of your work, we will let you know if
we need to carry out due diligence and, if so, what information we
need. This will include:
- Forms of identification (such as your driver's licence or
passport)
- Verification of your address (such as a rates invoice or
utilities bill)
- Your occupation and where you do business
- Whether you are a 'politically exposed person' (PEP)
- Whether you reside in a high risk jurisdiction
We may also need further information as your matter progresses.
For example, for settlements we will also have to verify the source
of funds. With trusts we require information about trustees and
beneficiaries. For company transactions we will need information
about directors and shareholders.
We will put more detailed information on our website. In the
meantime, if you have any queries or concerns, please do not
hesitate to contact the partner you usually deal with.