The identity and documentation requirements for a trust account are more detailed compared to other types of account. The following requirements are specific to trust accounts:

  • A copy of the trust deed (this does not need to be certified)
  • ID for all trustees and anyone else who has control over the trust e.g. protectors, directors of a trustee company
  • Dates of birth for any named beneficiaries
  • Proof of address in the trust’s name, e.g. a bank statement or a rates bill
  • A brief explanation of the source of wealth for the trust, including a broad estimate of the trust’s overall wealth
  • Some form of supporting documentation for the source of wealth for the trust, for example a letter from an accountant or solicitor, financial statements, sale and purchase agreement, business accounts etc

Source of wealth information for trusts

We are required to ask for information relating to the “source of wealth” for trusts.  Typically, for a trust this might include things like financial accounts for a business the trust owns, evidence of sale of a property or a business, payslips, or information relating to an inheritance.

Requesting this level of information reflects our obligations under the AML-CFT Act 2009 and the guidelines set by the Financial Markets Authority (FMA). We will ask for this information when an account is opened, and may need to ask for more information on an ongoing basis.

Should we ask you for such information in the future, the regulations and guidelines state that our obligation is to develop an understanding of the size and nature of the wealth of a family trust and, importantly, how it was acquired. We aren’t expected to verify the entire financial history of a family trust, or identify every asset it holds.  However, the law requires us to be satisfied that the nature and size of a customer’s wealth matches what we know about them.

If you ever have questions about this or any other matter please don’t hesitate to contact us on 08700 499 466 or at contact@investnow.co.nz (Mon-Fri 8:00am to 5:00pm, excluding national public holidays).