It’s estimated that over $1 billion a year comes from drug dealing and fraud, and can be laundered through New Zealand businesses, risking our reputation and economy. The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 was passed to protect New Zealand and everything we love about it. 

 

Money laundering is carried out by hiding identities. The heart of the law is to see through these layers to find out who is behind the funds, and where they came from.

This means you are required to identify yourself, and show who the ‘controlling mind’ is in the case of what are called artificial persons (companies, trusts and so on). You will sometimes be required to demonstrate where funds came from.

All of this is invasive, but is necessary for the maintenance of law - this is a term used to describe the purpose of the information requests, and with it comes obligations on the organisation asking these questions. Information can only be held for a certain period (usually 5 years) and must be secured.

 

The TIC Company has been awarded the Privacy Trust Mark by the Office of the Privacy Commissioner. As the only AML outsourcing company to accomplish this, you can rest assured that your information is in the safest hands.

If you have any concerns, feel free to email us.

IDENTITY CHECKS

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Have more questions? Get in Touch.