Trusts and Anti Money Laundering

We’ve been engaging with a few of our family trust customers lately, requesting additional information as we complete our Enhanced Due Diligence (EDD).  We thought this month’s edition of the InvestNow Magazine would be the ideal opportunity to provide you with some context and background.

Specifically, we have been asking for information relating to the “source of wealth” for family 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).

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 (Mon-Fri 8:00am to 5:00pm, excluding national public holidays). 

By |2018-09-21T18:00:17+12:00July 27th, 2018|Uncategorised|0 Comments

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