Anti-Money Laundering (AML)

Anti-Money Laundering (AML) law* has been in place in New Zealand since 2013. AML law is aimed at detecting and deterring criminals engaged in money-laundering and the financing of terrorism. Under New Zealand law, real estate agencies, banks, lawyers, accountants, and other reporting entities must verify the identity of their customers before providing certain services.

What is Customer Due Diligence?

Customer Due Diligence is the process of confirming your identity and understanding who we are acting for. We must complete CDD for both new and existing clients, even if you’ve worked with Ray White Whangārei previously. By law, we cannot provide certain real estate services until these checks have been completed.

What Information Will I Need to Provide?

To complete your AML verification, we will ask for your full name, your date of birth and your address. To make sure you are who you say you are, we also need evidence of that information. To make the process as simple as possible for you, we use electronic verification – which is where we confirm your identity using electronic databases wherever possible, so you don’t have to worry about getting copies of documents. We will also ask for a photo of your Drivers Licence or Passport (there are other options which we can discuss with you if you haven’t got one of these). To protect against ID theft, we also have to check that the photo on the document is you –  the easiest way is for one of the Ray White team to confirm this by meeting you, but again there are other options if this isn’t possible. We use an agent, The TIC Company to carry out this work on our behalf. Most of the time it is processed without any further information required, but sometimes they will need to get in touch, especially if a party is a Trust or based offshore. But, they will explain clearly what they need and quickly work with you to get the process completed.

What If I’m Buying or Selling Through a Trust or Company?

For trusts and for other customers which are not individuals, like companies, we’ll need to collect additional information about the trust or company and also about the individuals associated with it (such as directors, shareholders, trustees and beneficiaries). These requirements help ensure transparency and prevent the misuse of legal entities for criminal purposes. Our team will explain exactly what documentation is required and guide you through the process.

Will I Need to Provide Information About My Source of Wealth or Funds?

In some situations, yes. For some customers, particularly when dealing with trusts or more complex ownership structures we may be required to collect additional information. If this applies to you, we’ll explain what information is required and help make the process as straightforward as possible.

What Happens If I Don’t Provide The Information?

New Zealand law requires us to complete AML verification before providing certain real estate services. If we are unable to complete the required customer due diligence, we may be legally unable to continue acting on your behalf.

Need Further Information?

We understand that AML requirements can seem confusing, but they’re an important part of protecting New Zealand’s financial and property markets.

If you have any questions about Anti-Money Laundering (AML) requirements, Customer Due Diligence (CDD), or the identification documents you’ll need, please contact the Ray White Whangārei team. We’re happy to guide you through the process.

*The Anti-Money Laundering and Counter-Financing of Terrorism Act and associated regulations