Is Smith and Partners a trustee of your trust?
Contact our trust law expert, Alex Dunne today.
21 June, 2018 | Alex Dunne
From 1 July 2018, Smith and Partners’ trustee companies will be subject to the rules and procedures in the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“AML Act”).
The purpose of the AML Act is primarily to prevent proceeds of crime being laundered through lawyer’s trust accounts.
In order to prevent this, the New Zealand Government now imposes a number of new obligations on all trustee companies.
To ensure we are compliant with our new AML obligations, and to discharge our obligations as trustee, we will no longer be able to sign documentation as your trustee without you making an appointment.
At your scheduled appointment time, we will sit down with you to discuss your trust’s circumstances and to fully understand the nature and purpose of the documentation that needs to be signed, before we can sign the same.
If Smith and Partners is not currently undertaking any other work for you, then we will need to open a file. This will require us to collect identity information from you, including taking a copy of your ID and proof of address. These increased requirements for ID verification apply to all clients who open new files from 1 July 2018, regardless of how long you have been a client of Smith and Partners. You will be advised of what you need to bring with you when you make the appointment.
The time spent with you to understand and sign the documentation will attract a fee, as set out in our Terms and Conditions of Engagement.