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Answered in 5 hours by:
3/19/2015
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 32,271
Experience: 42 years qualified as a lawyer; LLB, MMgt and FAMINZ.
VerifiedChris The Lawyer : Hi and welcome. My first response will follow shortly. Please feel free to follow up if anything is not clear.
Chris The Lawyer : They must provide proper reasons and not just rely on the act. Do you know any more than what you have advised to this site? Have you looked at this act before starting the business? Are you a registered financial advisor?
JACUSTOMER-ih4tt2ma- :
Hi there, Yes I am a Registered Financial Service Provider not an advisor. I edited my original question with my company details and my FSP no. I have since gone online
JACUSTOMER-ih4tt2ma- :
I have downloaded west pac's Anti-Money Laundering in their Terms and Conditions.
You agree to provide all information to Westpac which Westpac requires in order to manage its anti- money-laundering and countering terrorism-financing obligations, to manage its economic trade sanctions risks, or to comply with any laws, rules or regulations in New Zealand or any other country.
You agree that Westpac may refuse to establish a business relationship with you, may be required to delay, defer, stop or refuse to process any transaction, or may terminate its business relationship with you at any time without notice, if you fail to provide this information to Westpac in the manner and timeframe specified by Westpac.
You agree that Westpac may delay, defer, stop, or refuse to process any transaction without incurring any liability if Westpac knows or suspects that:
• the transaction will or may breach any laws or regulations in New Zealand or any other country; or
• the transaction involves anyperson(natural,corporateorgovernmental)whoisitselfsanctioned,oris connected directly or indirectly, to any person (natural, corporate or governmental) who is sanctioned,
under economic and trade sanctions imposed by any country.
You agree that, unless you have disclosed to Westpac that you are acting in a trustee capacity or on behalf of another party, you are taken to have warranted to Westpac that you are acting solely on your own
behalf when opening or operating an account or service or undertaking any transaction with Westpac.
JACUSTOMER-ih4tt2ma- :
Apart from the phone call this afternoon at around 3.00pm in which I was informed of the closure of my business account due to money laundering no other request from Westpac regarding my account has been made. I should also inform you that I have only just begun trading and I have had only one customer.
Chris The Lawyer : perhaps the next step should be to contact the Banking Ombudsman, who provide a free service, and ask them to intervene as a matter of urgency. It seems to me they are bing bureaucratic rather than having genuine concerns. Contact for them is https://www.bankomb.org.nz
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 32,271
Experience: 42 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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