We have successfully filed our first annual report with the Department of Internal Affairs
As of last year all transactions and purchases made in casinos, banks and financial institutions, Trust and company service providers and Lawyers and Conveyancers have to comply with the Anti Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act). The AML/CFT Act was enacted by Parliament to make it harder for criminals to launder money and it certainly provides a significant disincentive to carry out criminal activity. Businesses that provide services covered under the AML/CFT have had to put systems and processes in place to prevent criminals from exploiting them, including Trollope & Co. The Department of Internal Affairs has published information about the AML/CFT Act and its requirements: https://www.dia.govt.nz/AML-CFT-Homepage
We want to thank-you for your patience when we have asked you for personal information to help us meet the onerous requirements Trollope & Co has to comply with under the complex AML/CFT Act. We appreciate how frustrating this has been for you, especially if we have enjoyed a relationship with you for many years and then we turn around and ask for information to prove your identity and details of your business. On our part, as a reporting entity under the AML/CFT Act have spent many hours preparing a complex Compliance and Risk Management Plan including, policies, procedures and templates. Ongoing compliance ties up several hours a week administering AML/CFT requirements.
However, we made it! In August we submitted our inaugural Annual Report to the Department of Internal Affairs. The next hurdle for us is to employ an auditor to review our AML/CFT policies and collection of data. Further, the DIA can carry out a desk top audit at any time.
AML/CFT is here to stay as is our obligation to require information from you which may differ depending on each transaction.