Just when everything is ticking along nicely in the financial world, the law changes and we all have to roll with the punches.
The New Anti-Money Laundering Legislation Act came into effect on 30th June 2013. It’s important that accountants and employers are aware of the changes.
What is this act and what does it mean for payroll?
The Act is designed to help detect and deter money laundering across all channels.
Under this law, all financial institutions in NZ (including online payroll systems) are required to do more to verify a customer’s identity. The intentions of the updates to the law are to better protect New Zealanders from financial crime and meet international obligations.
Don’t worry – SmartPayroll can still set up new customers within a day.
However, in order for us to process payments for staff and Inland Revenue we now have a couple of additional requirements that we’ll take you through during the registration and set up process.
We genuinely believe that it’s worth the initial bit of paperwork to fully experience and enjoy the incredible functionality of SmartPayroll. And once it’s done – it’s done.
This announcement was brought to you by the team at SmartPayroll. We’re all about helping you stay ahead of the game!