What is AML/CFT?
Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) laws are designed to prevent the use of legitimate businesses and transactions to launder the proceeds of crime or to finance terrorism. In New Zealand, real estate agents are reporting entities under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) when carrying out real estate agency work for vendors (property owners). The real estate sector is supervised by the Department of Internal Affairs (DIA).
Why is Ray White requesting this information?
Ray White is legally required to comply with AML/CFT obligations when providing real estate agency services to vendors (property owners). Ray White has established compliance processes, supports property owners through these requirements, and ensures all obligations under the AML/CFT Act are met in a consistent and transparent manner
AML/CFT customer due diligence requirements apply to vendors (property owners) who appoint a real estate agent to sell their property. These obligations apply to real estate agency work in relation to all property types, including:
• Residential
• Rural
• Commercial
Purchasers and tenants are not subject to AML/CFT customer due diligence requirements.
Customer Due Diligence is the process used to verify a vendors (property owners) identity and identify individuals who own or control the vendor. CDD is required under the AML/CFT Act and must be completed in order to provide real estate agency services under the agency agreement.
CDD may include:
• Identity verification
• Beneficial ownership verification
• Understanding the nature and purpose of the transaction
• Enhanced checks where higher risk is identified
Depending on the transaction, the following information may be required:
• Full legal name, date of birth, occupation, and address
• Identity document details (passport, driver licence, etc.)
• Ownership/control details for trusts, companies, or other entities
• Transaction purpose information
• Source of funds and/or source of wealth information (where required under EDD)
Information is collected to:
• Comply with the AML/CFT Act
• Verify identity and assess risk
• Support lawful provision of agency services
• Maintain compliance records
• Meet reporting obligations to the Department of Internal Affairs (DIA)
Ray White will collect only the personal information as required for AML/CFT and related legal obligations and is handled in accordance with the Privacy Act 2020 and applicable franchise policies. Refer to our privacy policy for more information. Link to the policy raywhite.co.nz/privacy-policy
If the required AML/CFT information is not provided, Ray White cannot lawfully act under the agency agreement or provide real estate agency services to the vendor (property owner). CDD must be completed in order to provide real estate agency services under the AML/CFT Act.
This information is provided in accordance with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 and under the supervision of the Department of Internal Affairs (DIA).