Our Obligations:
1. Collinson Forex Limited is a reporting entity under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (NZ) and is supervised by the Department of Internal Affairs. Collinson Forex Limited is also registered with AUSTRAC and is subject to the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (AU) in respect of the designated services it provides. Where the requirements of the two regimes differ, we apply the more stringent requirement.
2. We are required to identify and verify the trust itself, each trustee, each settlor and anyone who has since added property to the trust, any protector or appointor, any other person with effective control, and any person acting on the trust's behalf together with their authority to act. We are also required to identify the beneficiaries, or where the deed describes them by class, the class and any beneficiary who receives or is likely to receive a distribution, and to verify their identity where required. We verify identity and addresses to the extent, and by the means, required by law and according to the level of risk involved. If we are unable to complete the required customer due diligence, we may be unable to establish or continue the business relationship or carry out transactions.
3. In circumstances prescribed by law we must carry out enhanced customer due diligence and obtain senior management approval before acting. This includes verifying source of funds and source of wealth.
4. We screen you, and any person named in this form, against sanctions lists, politically exposed person data and adverse media sources, at onboarding and on an ongoing basis. Where a sanctions match is confirmed or suspected we may refuse, delay, block or freeze a transaction or the relationship, and we may be required to report the matter to, and act on the direction of, the relevant authority. We may be unable to explain our reasons.
5. We are required to report suspicious activities and prescribed transactions to the Commissioner of Police through the New Zealand Police Financial Intelligence Unit, and to report to AUSTRAC where the Australian regime applies. We are prohibited by law from telling you whether a report has been made, is being considered, or what it contains. We will neither confirm nor deny that a report has been made.
6. We conduct ongoing customer due diligence and account monitoring throughout the relationship. We may ask you for further information or documentation at any time, whether about a particular transaction or about the relationship generally, including source of funds and source of wealth. Failure to respond to a reasonable request within the time we specify may result in your application being declined, a transaction being refused or delayed, or the relationship being restricted or terminated.
7. We use third party providers to verify identity electronically and to screen for sanctions, politically exposed persons and adverse media. Details are matched against records held by the issuer of the identity document or the official record holder. Electronic verification does not always succeed, and we may ask for documents instead. Where the law permits, we may also rely on a third party to conduct customer due diligence.
8. We may collect information from other sources where the law permits, including New Zealand and overseas company and business registers, identity verification and screening providers, sanctions and politically exposed person databases, publicly available sources, and banks or counterparties involved in transactions.
9. We may disclose information to the Department of Internal Affairs, the Police Financial Intelligence Unit, AUSTRAC where applicable, Inland Revenue and overseas tax authorities under FATCA and CRS, other members of our designated business group, our banks, correspondents and payment counterparties, our auditors and advisers, and anyone else where the law requires.
10. Personal information is collected to comply with our anti-money laundering, countering financing of terrorism and sanctions obligations and to provide our services. It is held by Collinson Forex Limited and handled in accordance with the Privacy Act 2020 (NZ) and, where the Australian regime applies, the Privacy Act 1988 (AU). You may ask for access to, and correction of, personal information we hold. Where a suspicious activity report has been made, we cannot give access to any information about it, including whether it exists, and there is no right to have it corrected.
11. We must keep customer due diligence records for at least 7 years after the relationship ends, and transaction records for at least 7 years after the transaction. We may keep them for longer where another obligation requires it.
12. We may decline an application, refuse or delay a transaction, or restrict or terminate the relationship where reasonably necessary to comply with applicable law or to manage money laundering, terrorism financing, proliferation financing or sanctions risk. We may not be able to give reasons where disclosure is prohibited or restricted by law. To the maximum extent permitted by law we will not be liable for loss arising from action taken in good faith to comply with our legal or regulatory obligations. 13. We have reporting obligations under FATCA and CRS, and you consent to us disclosing the relevant information to Inland Revenue and, through it, to overseas tax authorities.
Your Declarations
14. The information given in this form and in any supporting document is true, complete, accurate and not misleading. You acknowledge that giving false or misleading information may be an offence.
15. The trustees transact on the trust's own account and not for an undisclosed third party, except as disclosed in Section B and agreed by us in writing.
16. To the best of your knowledge and belief, after due enquiry, funds used in transactions with us are not derived directly or indirectly from criminal activity, and will not be used to finance terrorism or proliferation, to evade tax, or to breach or circumvent any sanctions measure or currency control.
17. You will tell us in writing within 10 working days of any change to the information in this form, including a change of trustee, settlor, protector or appointor, beneficiaries or classes of beneficiaries, or person with effective control, any variation or resettlement of the trust, a change to the trust's assets or activity, a change to authorised persons, or a change of tax residence. Where a change affects the tax residency self-certification in Section E, you will give us an updated self-certification within 30 days of the change.
18. You will give us any information or documentation we reasonably request under clause 6 within the time we specify.
19. If you give us incorrect or incomplete information, you will reimburse us for loss we reasonably suffer as a direct result. This does not apply to loss caused by our own error or breach.
20. You are authorised to give us the personal information of each individual named in this form, and each of them has been made aware of this privacy statement.
21. You have read and understood this form, and accept that we may take the actions described in clauses 4, 6 and 12.