Understanding the AML Onboarding Process
What you need to know when listing or purchasing property with mynzhome.com
What is AML?
AML stands for Anti-Money Laundering. It's a set of legal requirements designed to prevent criminals from disguising illegally obtained funds as legitimate income through real estate transactions.
In New Zealand, real estate agencies are required by law to verify the identity of their clients and understand the nature of their business relationship. This helps protect both you and the integrity of the property market.
Why Do We Need This Information?
As a licensed real estate agency, mynzhome.com is legally obligated to comply with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act). This means we must:
- Verify the identity of all clients before providing services
- Understand the nature and purpose of our business relationship with you
- Monitor transactions to detect suspicious activity
- Keep records of all verification and transactions
The AML Onboarding Process
1Initial Contact
When you first engage with mynzhome.com to list or purchase a property, we'll explain the AML requirements and what documents you'll need to provide.
2Identity Verification
We'll need to verify your identity using official documentation. Acceptable documents include:
- Current New Zealand driver's licence, or
- Current New Zealand passport, or
- Current overseas passport (with additional proof of address)
- For companies: Certificate of incorporation and identification of beneficial owners
3Proof of Address
We'll also need to confirm your current residential address using a recent document (dated within the last 3 months) such as:
- Bank statement
- Utility bill (electricity, gas, water)
- Rates notice
- Government agency correspondence
4Source of Funds
For property purchases, we may need to understand the source of your deposit and purchase funds. This is particularly important for high-value transactions.
5Beneficial Ownership
If you're purchasing or selling property through a company, trust, or other entity, we'll need to identify the beneficial owners (the real people who ultimately own or control the entity).
6Verification & Approval
Once we've received all required documentation, we'll verify the information and complete our AML onboarding checklist. This typically takes 1-2 business days.
How We Protect Your Information
We take your privacy seriously. All identity documentation and personal information collected for AML/CFT verification is:
- Stored securely in encrypted systems
- Only accessed by authorized staff members
- Used solely for compliance and transaction purposes
- Retained for the legally required period (typically 5 years after the relationship ends)
- Protected in accordance with the Privacy Act 2020
Frequently Asked Questions
How long does the AML process take?
Once we receive all required documents, the verification process typically takes 1-2 business days. We recommend completing this early in your property journey to avoid any delays.
What if I can't provide the requested documents?
Contact us directly and we'll work with you to find alternative acceptable forms of identification or documentation.
Do I need to go through this process every time?
No. Once you've completed AML onboarding with mynzhome.com, we'll keep your verified information on file. You may only need to update it if your details change or after a certain period has elapsed.
Is my information shared with anyone?
Your information is kept confidential and is only shared when required by law, such as with regulatory authorities or law enforcement agencies investigating financial crimes.
Need Help?
If you have any questions about the AML onboarding process or need assistance with documentation, please don't hesitate to contact us: