Accountants and the Anti Money Laundering Rules

Part 1

The AML rules apply to accountants from 1 October 2018.  Many accountants believe the AML rules do not apply to them as they do not handle client funds.  WRONG. The AML rules are wide reaching and cover many areas accountants deal with such as:

• Establishing companies, trusts and partnerships
• Acting as trustees
• Acting as nominee shareholders/directors
• Operating a trust account
• Receiving and paying funds on behalf of clients
• Providing a registered office or business address for clients

These are just some of the services accountants provide that come under the AML rules.  You can’t rely on others to carry out due diligence on clients e.g. “they opened a bank account so everything must be legit”.  The fines for non-compliance can be significant.  You need to understand your obligations and have procedures in place by 1 October. 

We are delighted to have the services of Neil Russ, Tax Partner Buddle Findlay, and convenor of the NZLS Tax Committee to present this webinar.  Neil has presented extensively on this topic and has a practical hands-on approach having played an integral part in implementing AML policies and procedures at Buddle Findlay.

This is part one of a two part webinar series tailored specifically for accountants and will outline the rules and how they impact on accountants.  Part 2 will focus on what accountants need to do procedurally to ensure compliance with the rules and will be run in early August.