• Login:
Welcome, Register Here
follow PropertyTalk on facebook follow PropertyTalk on twitter Newsletter follow PropertyTalk on LinkedIn follow PropertyTalk on facebook
Results 1 to 6 of 6
  1. #1
    Join Date
    Mar 2007
    Posts
    122

    Default Anti-money laundering (AML)

    Hi - a lot of rigmarole to get through the AML requirements. More so for trusts and companies it seems.

    Is this requirement for leasing as well as selling a property?

    Does this now apply to residential property as well?

    Thanks.

  2. #2
    Join Date
    Aug 2003
    Posts
    7,670

    Default

    Apparently $1.35B is laundered here annually - so it's not a small issue. Interesting you mention leasing - I can not find any information that suggests that's on the radar but the AML compliance requires the same checks and balances of where the entities are registered etc by RE Agencies, banks, lawyers etc so arguably if you're leasing through a Real Estate Agency you'd get caught up in it.

    cheers,

    Donna
    PropertyTalk Blog - property articles

    BusinessBlogs - the best business articles are found here



  3. #3
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,986

    Default

    Same goes for accountants.
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  4. #4
    Join Date
    Mar 2007
    Posts
    122

    Default

    Thanks for the replies. Received confirmation that leasing also falls under the AML regulations so need to go through the hoops.

  5. #5
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    8,354

    Default

    Quote Originally Posted by King13 View Post
    Thanks for the replies. Received confirmation that leasing also falls under the AML regulations so need to go through the hoops.
    Really? What does one have to do now?

    Is this if you lease yourself (as the landlord) or if you go through a real estate agency?
    Squadly dinky do!

  6. #6
    Join Date
    Mar 2007
    Posts
    122

    Default

    You may not need it if leasing directly.

    AML requirements are to provide proof of identity (passport, D.L., etc), proof of address (utility bill or similar) and proof of source of funds (financial statements, tax returns).

    For a trust, one needs this for all trustees including corporate trustees if any. For a company, this will be for all shareholders.


 

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Anti-vaxxers are stupid people
    By Bob Kane in forum Coffee Lounge
    Replies: 156
    Last Post: 18-11-2019, 11:04 PM
  2. Anti-LL Hate Speech Continues
    By Perry in forum General (NZ)
    Replies: 12
    Last Post: 18-06-2019, 03:21 PM
  3. Replies: 2
    Last Post: 29-07-2017, 12:35 PM
  4. Money laundering at MBIE?
    By Glenn in forum Finance, legal and tax (NZ)
    Replies: 13
    Last Post: 09-04-2017, 10:26 PM
  5. Money Laundering
    By Davo36 in forum Property Investment (NZ)
    Replies: 25
    Last Post: 27-01-2017, 10:14 PM
  6. The Anti-Smacking 'Law' Debate
    By mrsaneperson in forum Coffee Lounge
    Replies: 21
    Last Post: 03-06-2013, 08:12 PM
  7. New Law - Anti SPAM - watch out!
    By donna in forum General (NZ)
    Replies: 1
    Last Post: 28-02-2007, 10:36 AM
  8. Anti-Monopoly
    By Julian in forum General (NZ)
    Replies: 0
    Last Post: 21-09-2005, 07:51 PM
  9. Investment Scam
    By muppet in forum General (NZ)
    Replies: 2
    Last Post: 03-12-2003, 06:49 AM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •