AML & KYC
Anti Money Laundering, Counter Financing Terrorism & know Your Client
The Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act) 2009 and its Regulations place obligations on New Zealand's financial institutions to detect and deter money laundering and terrorism financing.
"Financial Market's Authority" (FMA) is one of three supervisors under the Act, along with the Reserve Bank of New Zealand and Department of Internal Affairs.
Money laundering is how criminals disguise the illegal origins of their money. Financers of terrorism use similar techniques to money launderers to avoid detection by authorities and to protect the identity of those providing and receiving the funds.
Waihihi Bullion Company Ltd is not obligated under the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act) 2009 to be a reporting entity to report financial activities we carry out. Waihihi Bullion Company Ltd is not monitored by any of the 3 supervisors under the AML/CFT Act 2009, however Waihihi Bullion Company Ltd carries out best practice to comply with New Zealand and International Anti Money laundering & counter financing of terrorism by many restrictions to trading with us. When enquiring or ordering from us we collect personal information in order to complete your order, these details are filed as a part of our KYC policy.