Regulatory Alerts2024-04-29
Customer Due Diligence: Limited Partnerships Guideline
Issued by New Zealand AML/CFT supervisors in April 2024, this guideline mandates that reporting entities conduct customer due diligence on limited partnerships under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. It requires entities to identify and verify beneficial owners, assess risks associated with nominee general partners, and obtain specific legal and ownership structure information effective from June 2024. The document further outlines conditions for enhanced due diligence and verification procedures for persons acting on behalf of these partnerships.
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