Postscript
ONEcheck – a useful tool for new business
When you’re starting a business, one of the first things you think of is its name. This is a big decision as, ultimately, your brand is built around the name of your business.
There’s an easy way to check existing business names using ONEcheck. You can search for possible business names, associated domain names and trade marks, as well as the recent addition of searching social media. ONEcheck gives clear explanations of the difference between a registered business name, trading name and trade mark, guidance on how to best protect your brand and much more.
There are also quick links to the Companies Office, New Zealand Business Number and the New Zealand Intellectual Property Office.
For more information, click here.
Keeping New Zealand safe from money launderers – AML now in force
As you will already be aware from our article in the Autumn edition of Fineprint, from 1 July 2018 all law firms must comply with the requirements of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML for short).
This is another reminder that we must now verify the identity of all our clients.
While you are already familiar with providing your driver’s licence as ID, we now need additional information such as a copy of your birth certificate and a current bank statement, or rates demand, to verify your full name, date of birth and address.
While in many cases it may be self-explanatory, we must ask you about the nature and purpose of the proposed business relationship with us. We may also request information confirming the source of the funds for a transaction.
The law applies to everyone and all transactions where money is received and/or paid through our trust account – for every new matter.
For our part, we must file regular reports with the appropriate authorities detailing the transactions we have dealt with and notifying them of any suspicious activity. Once these new requirements have been operating for some time we will all become familiar with them and it will then cause little inconvenience. However, it’s important to understand the reason for the legislation and why you will be asked for this additional information.
If you have any queries about AML, please don’t hesitate to contact us.