On October 16th 2009, the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act), was passed into New Zealand law. The purpose of the AML/CFT Act is to:
- Detect and deter money laundering and the financing of terrorism; and
- Maintain and enhance New Zealand’s international reputation by adopting, where appropriate in the New Zealand context, recommendations issued by the Financial Action Task Force; and
- Contribute to public confidence in the financial system.
Direct FX is a reporting entity as defined by the AML/CFT Act. We have obligations we must meet, to ensure we are compliant. Financial transactions involving international money transfer payments, also described as IMT’s, wire, TT’s and SWIFT payments, are high risk transactions from an AML/CFT perspective. Therefore, when dealing with such payment types, we require clients to put the name and address of the ultimate beneficiary of the transaction, in the “payment reference”, or similarly named field, when making your payment to us. If you are the beneficiary, please simply state your name and address.
Whilst you may have already provided this information to us, we do need it restated in this manner, as your payment flows through the banking system, and so must comply with the new regulatory requirements.
If these payment types are received without this information included, settlement of your transaction may be delayed.