New Zealand is a target for money launderers. It is estimated that well over $1 billion a year from drug dealing and fraud is laundered through New Zealand businesses.
New Zealand introduced its Anti-Money Laundering and Countering Financing Terrorism (AML/CFT) legislation in 2009. The Banks, financial institutions and many other sectors have been operating under the legislation since June 2013 and Real Estate agents will be captured under the legislation from 1 January 2019.
From1 January 2019Real Estate agents will, among other things, be required to verify the identity of their clients in accordance with AML/CFT legislation. This is called Customer Due Diligence (CDD). Further information can be found here
NAI Harcourts Market Leader November/December 2018
The latest issue of NAI Harcourts Market Leader is out now, featuring articles on: