Summary


This article will outline how First AML verify Maori Trusts & Incorporations New Zealand AML legislation.  


*ID&V = Identity Verification (Identify & Verify)




Who do we verify?


  1. ID&V all Trustees if there are less than 4. If there more than 4 First AML will ask the client to nominate.

  2. ID&V Committee members if they have effective control or beneficial owners

  3. ID&V Appointor/Protector/Guardian if they have power to add and remove Trustees

  4. ID&V Settlor only if they have power to appoint or if settlement sum is >$10,000

  5. ID&V Non-discretionary beneficiaries (Discretionary beneficiaries are not required)



What do we verify?


  1. Name, Type of trust, address & registration if applicable.

  2. Trust Order/Deed/Act and all amendments (if applicable)

  3. Extract from Maori Land Court (if applicable) 

  4. Source of wealth/funds

  5. If information not available can be verified via email/letter confirmation lawyer or accountant.