Law Society updates AML/CFT briefing

by Sol Dolor14 Jul 2018

After becoming aware of issues and concerns among lawyers, the New Zealand Law Society has updated its practice briefing on the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT).

Lawyers and law firms became “reporting entities” under the act on 1 July, making them responsible for conducting customer due diligence (CDD) on clients, clients’ beneficial owners, and parties acting for clients.

The updated practice briefing said that lawyers are among the approved classes of “trusted referees” under the act. It then outlines the role of “trusted referees” and what are required of them under the act.

The briefing also details wording to use on certifications by “trusted referees,” as well as explain other important points of the act.

 

Related stories:
Lawyers urged to keep file notes on AML/CFT decisions
AML/CFT templates released

 

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