Summary


This article will outline how First AML verify Body Corporates under New Zealand & United Kingdom AML legislation. 



Who do we verify?


  1. IDV any beneficial owner that owns >25% of the development (units).
  2. If there is a management committee with effective control, First AML will ask the committee to nominate 1 individual that has the authority to act on behalf e.g. chair. 



What do we verify?


  1. Body corporate rules

    1. If a Body Corp claims to have no additional rules to those set out in the Unit Title Act / Regulations, nothing further to collect other than email confirming this.

  2. Documentation confirming Body Corporate Chairperson/committee members / Body corporate Manager (e.g. Minutes of the meeting).

  3. Up-to-date register of owners.  Does not need to be signed. Can be an informal spreadsheet

  4. Registration number if applicable.

  5. Registered address and full name