The days of ‘anyone sending any amount of money to any part of the world’ have ended with the New Zealand Government invoking the provisions of the Anti-Money Laundering and Countering of Financing of Terrorism Act (AML & CFTA) that has now come into full force.
Currency exchange companies have come to bear the brunt of the law, which follows many governments across the Continents taking measures to curb use of money to abet terrorists and terrorism.
It is understood that Australian-owned commercial banks have become shy of accounts operated by currency exchange companies, following the instructions of their parent banks across the Tasman.
Money laundering and its influence on terrorism was a major concern at a meeting of criminal investigation and law enforcing agencies held in Auckland in February. A new network to enhance cooperation among the agencies was established at the meeting, as reported by this newspaper in its earlier editions.
Western Union move
On a related note, Western Union, the largest and most widely established money transfer company in New Zealand and many other parts of the world, has advised that people sending money would be obliged to follow new procedures from June 3.
“Consumers sending or receiving Western Union Money Transfers should be aware of new identification requirements in place following implementation of the AML & CFTA.
From June 3, 2013, changes in government legislation mean that Western Union customers will be required to present photographic identification every time they send or receive money, regardless of the amount,” a Company notification said.
Western Union New Zealand Country Director Tasko Alcevski said that from June 24, 2013, a more extensive combination of identification will be required for the first transaction.
“Customers would be required to provide photographic identification and a proof of address the first time they send or receive money after this date. For any transactions thereafter, generally only photographic ID will be required.
“The law was passed in an effort to comply with international obligations and Western Union is committed to supporting it, further enhancing its already rigorous compliance programmes,” he added.
