Use the NZBN to automate ownership structure and identify Beneficial Owners, record CDD information such as Nature and Purpose and Trust Information.
Then electronically ID Verify your Client, all in a single, streamlined process.
When High Value Dealers need to do AML CDD
From August 1st 2019, High Value Dealers (HVD) must comply with the AML-CFT Act. You must conduct CDD if you trade in high value goods and make or accept cash transactions totaling $10,000 NZD or more.
This includes, but not limited to:
- cheque payments equal to or greater than $10,000 NZD. Cheques are considered as cash for the purpose of the AML/CFT ACT.
- cash installment payments totalling $10,000 NZD or more.
High value goods which are covered by the AML/CFT Act include:
• Motor vehicles or ships
• Jewellery, watches, gold, silver, or other precious metals
• Diamonds, sapphires, or other precious stones
• Paintings, prints, sculptures, photographs or carving in any medium
• Protected foreign objects
• Protected New Zealand objects
• Other artistic or cultural artifacts
If you are unsure if you are a High Value Dealer or want more information on AML obligations for High Value Dealers, visit the DIA’s AML-CFT guidelines for HVD
How We Help
2Shakes helps HVD get on top of their Customer Due Diligence (CDD). We can help you find the information you need, so that you can spend less time on CDD and more time with your customers. We also make it easier to keep records of what you have learned, what you have decided along with the documents and evidence you need.
With 2Shakes, you can:
- Capture the nature and purpose of your relationship.
- Decide the natural people to ID verify from a list of Directors and people with over 25% Beneficial Ownership (from Companies OFFice), and add other people in Effective Control.
- ID verify your clients either manually or electronically and store documentation in 2Shakes.
- Access a comprehensive AML Report on information and activity captured in 2Shakes. We also provide a statistacal report of your annual activity to assist with reporting and audits.
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