Find answers to common questions here, or contact us for anything else.
TIC acts as an agent for various organisations: law firms, accountants, providers of financial products. These are known as reporting entities, because they are required to report to government agencies on money laundering matters. When you signed up for a product or service recently, the terms included a statement that TIC may contact you to carry out some compliance checks. We only contact people from this source, and we always go to the nominated contact person in the first instance.
TIC will only contact you after an introduction by the organisation. So, someone you trust and know will have told you that TIC will be in touch. You will only receive emails from our domain @ticc.nz
We will initially contact you by email: this will include the organisation who wants to onboard you in the subject line - often they will send you an email and copy in TIC in the cc field.
We will rarely ask for copies of documents - we are more likely to talk to you and check details. If you are asked for credentials, email email@example.com and we will verify that it was us calling. Sometimes we may text you a PIN as a security mechanism.
At any time email firstname.lastname@example.org with any concerns.
New Zealand was one of the last countries in the world to pass proper AML legislation. We were removed from a European Union whitelist along with Russia, which finally forced the government (with cross party support) to adopt legislation to tackle the problem.
It is a real problem - the reality is New Zealand has been used as a channel for money related to weapons, drugs, modern slavery and funds stolen by corrupt governments. It was time to try and do something about it.
You can read more about the law at the Ministry of Justice website, Keep Our Money Clean:https://www.keepourmoneyclean.govt.nz/
Money laundering is carried out by hiding identities. The heart of the law is to see through these layers to find out who is behind the funds, and where they came from.
This means you are required to identify yourself, and show who the ‘controlling mind’ is in the case of what are called artificial persons (companies, Trusts and so on). You will sometimes be required to demonstrate where funds came from.
All of this means the organisation you are dealing with actually ends up holding less information about you than they would normally have to (however they can always access it if there is an compliance reason). So it means that your information is shared with fewer people (e.g. administrative staff) and may not be used for inappropriate purposes (such as marketing).
Getting you set up for outsourced Customer Due Diligence.
Taking care of your onboarding and account monitoring requirements.
Delivering the reporting and updates you need to meet your governance obligations.
Find out if you're impacted by the legislation, and get on track to meet your obligations as an AML Reporting Entity.
Our relationship starts here, getting you set up for CDD.