Anti Money Laundering (AML)

What is AML/CFT?

The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) places obligations on New Zealand's financial institutions, casinos, virtual assets service providers, accountants, lawyers, conveyancers and high value dealers to detect and deter money laundering and terrorism financing.

How does Anti Money Laundering Affect you if you're thinking of selling your property with Sheridan Real Estate?

All real estate agents are now required, under New Zealand law, to collect from their clients (you, the vendor), proof of identity, your address and, in some cases proof of wealth e.g. financial records.  It is a straightforward process for most people.  Once your details have been verified, we can get the marketing of your property started.  

If your property is in a Trust, it can be a little more complex and takes longer to investigate.  All trustees/directors must be verified.  We recommend you consider the time it may take to gather the information required when thinking about putting your property on the market.

What if you're a repeat client?

We may still need you to provide us with some information.  Please do not take it personally, it is a requirement under the law and not a reflection on you.

Here's what we'll be asking you to provide

Below is an indication of some of the documents we will ask you to provide us in person.  

Individuals
Either Passport, NZ Firearms Licence, or NZ Driver Licence with another document such as a bank statement or statement issued by a government agency, or a utility bill which verifies your current address.

Trusts
The Trust Deed and, for all trustees and the settlor, the same documentation as per INDIVIDUALS above along with information regarding the Trust’s source of funds/wealth.  Additional information may also be required for beneficiaries.

Companies
Details of the company, and the same information noted above under INDIVIDUALS for every individual acting on behalf of a company, or who has more than 25% shareholding or, other individuals with effective control of the company.  Information regarding the source of funds/wealth may also be required.

For useful information go to...

New Zealand Government website – KEEP OUR MONEY CLEAN - https://www.keepourmoneyclean.govt.nz/