AML/CFT changes and our obligations

Changes to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML Act) come into force on 1 July 2018 for law firms.  The changes have been put in place to better protect New Zealand against criminal activity and enhance our international reputation as a safe place to do business.

These changes mean that  Lane Neave and all other law firms in New Zealand must undertake a higher level of due diligence on our clients including asking for specific identification in a wider range of circumstances than we do currently, verifying the source of funds and reporting suspicious transactions.

People who deal with banks will already be familiar with the increased requirements that have been in place for some time.

Lane Neave has a compliance officer on staff who oversees our AML/CFT programme, including staff training.  We are also committed to regularly undertaking an assessment of risks and reporting concerns to the necessary authorities.