Our Anti-Money Laundering Obligations
Lifetime is required to adhere to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009.
The requirements under this Act are designed to help protect New Zealand’s financial system and ensure it is not misused for illegal activities.
This page explains why we ask for certain information, what we may need from you, and how your information is protected.
We understand that providing personal information can feel intrusive. We aim to:
- Explain what we need and why.
- Keep requests proportionate and reasonable.
- Handle your information with care and respect.
To meet our obligations, we may need to collect and verify certain information from you. This typically includes:
1. Identity verification (Customer Due Diligence)
We may ask you to provide documents to confirm your identity, such as:
- A passport or driver licence
- Proof of address
Lifetime uses an electronic verification platform, CloudCheck, to verify a client’s identity quickly and securely. Our team will send you a secure link by text message or email for you to complete the verification in four simple steps.
2. Information about you, your financial situation, or your business
So that we can establish the nature and purpose of our business relationship with you, provide you with appropriate advice and meet our obligations, we may ask about:
- The purpose of the financial advice or services you are seeking,
- Your expected level of activity or transactions,
- The source of your funds or wealth,
- What you do for work, or the nature of your business.
If you are acting on behalf of someone else, or if a trust or company is involved, we may need information about other relevant people as well.
3. Source of funds or wealth
One of our obligations is to understand where money has come from (for example, savings, inheritance, or sale of an asset). This helps us understand your circumstances and ensure our services are being used appropriately.
In some cases, we may need to verify the source of those funds. Depending on where the funds have originated, we may ask for documents to support this, such as a sale and purchase agreement, copies of bank statements or an estate disbursement letter. If this applies to you, your Adviser or Accountant will let you know what supporting information may be required.
Ongoing monitoring
AML/CFT obligations are not a one-off process. To ensure that the information we hold remains accurate and up to date, we may periodically:
- Ask you to confirm or update your details, or
- Request additional information if your circumstances or services change.
How your information is used and protected
We take your privacy seriously and take reasonable steps to keep your information secure and confidential. Any information collected for AML/CFT purposes is:
- Used to meet our legal and regulatory obligations,
- To facilitate the implementation and ongoing monitoring of any financial advice products you have agreed to be advised on,
- Stored securely, and
- Handled in accordance with New Zealand privacy laws.
You can find out more about Lifetime’s privacy practices here Privacy » Lifetime
What happens if information is not provided
If we are unable to obtain the required information or complete our checks, we may be unable to provide you with advice or continue an existing service.
If you have questions
We understand that AML/CFT requirements can feel intrusive or confusing. If you have any questions about why certain information is being requested or how it will be used, please speak to your Accountant or Financial Adviser. We are happy to explain further.
This information is provided to help you understand our obligations and what we may need from you as part of providing our services to you.