For certain services, JL Partners is a “reporting entity” under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the AML/CFT Act). This means the law requires us to check who our clients are, understand the purpose of the work, and keep records. These checks apply to every client who needs one — they are not a sign that we suspect anything.
Who supervises us
From 1 July 2026, the Department of Internal Affairs (DIA) is the sole AML/CFT supervisor for all reporting entities in New Zealand, including accountants. See the DIA AML/CFT pages (opens in a new tab).
Which services are covered
The AML/CFT Act applies to accountants when they carry out certain “captured activities”. At JL Partners, these are services where we set up a legal entity for a client — forming a company or a partnership — which the Act describes as “acting as a formation agent of legal persons or legal arrangements” (section 5). For other services, such as preparing tax returns, these checks may not be legally required, but we may still ask for some of the same information.
What we may ask for
This is called customer due diligence (CDD). Depending on the service and the level of risk, we may ask for:
- your full name and date of birth, with a photo ID such as a passport, or a New Zealand driver licence together with a supporting document (an English translation may be needed for documents in other languages)
- your address, and sometimes documents that confirm it
- for a company, trust or other entity: details of the people who own or control it, and documents about the entity
- the nature and purpose of the work you are asking us to do
- in some cases, where your money or assets came from (source of funds or source of wealth)
We verify identity documents by seeing the originals in person or by receiving certified copies. In some cases we verify identity electronically through Centrix, a New Zealand identity verification service.
We may ask for updated information during our relationship, for example if your circumstances change.
If we cannot complete these checks
The AML/CFT Act does not allow us to start, or continue, a business relationship for a captured activity if we cannot complete customer due diligence (section 37). If we cannot complete the checks, we may have to decline or stop the work.
Reporting and confidentiality
Like all reporting entities, we must report suspicious activities to the Financial Intelligence Unit of the New Zealand Police. The law strictly limits what we may disclose about these reports, including to the person concerned (section 46).
How long we keep records
We keep identity and verification records for at least 5 years after our business relationship ends, as the AML/CFT Act requires (section 50). We handle this information under our Privacy Policy and use it only for the purposes the law allows.
Questions
If you have questions about these checks, please contact our AML/CFT compliance officer, Jung Kyo (John) Lee, at info@jlpartners.co.nz or +64 9 480 3000.
This English version is the official version. If the Korean version differs, this English version applies.