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Royals In New Zealand & Anti Money Regulations - Snippets

Royals In New Zealand & Anti Money Regulations - Snippets

Royals in NZ

There has been no shortage of news about the Royal Family recently, particularly given Harry and Meghan’s visit to NZ. Yet you may not know that in 1970 NZ was the location of the very first “royal walkabouts”, designed to enable the Queen to meet the public.


The Queen has actually visited NZ ten times during her lifetime, so NZ could arguably be a favourite destination of the family! Despite their obvious good taste in countries, some of the guidelines and traditions followed by the Royals are quite unusual. For example, the Royals may happily pose for ‘selfies’, but will never give an autograph due to the risk of potential forgery.


Strict heed is given to royal hierarchy, to the extent that Prince Philip commonly walks two steps behind the Queen to represent their rankings in the royal family. It’s also frowned upon for ‘lower’ members of the family to go to bed before the Queen.


There are some equally unusual eating habits – the Queen has a ‘no garlic’ rule, as well as a family ban on shellfish. Also at meal times, guests are not allowed to continue eating after the Queen has finished. The Royal trips to NZ seem set to continue, so it may be worth keeping these rules in mind in case you meet any of the Royals on their future visits!


Anti-Money laundering regulations

Since 2013, financial institutions, such as banks, have had to comply with AntiMoney Laundering regulations. These rules save now been extended to other businesses providing financial services, such as real estate agents, accountants and lawyers.


The regulations are designed to prevent criminals laundering money through legitimate New Zealand businesses and apply in a number of circumstances, predominantly where financial transactions are involved.


The rules require affected businesses to formally identify their customers and understand the true source of funds for every individual they interact with, before they can undertake certain work. This is likely to incur additional costs for affected businesses, but there is no way around it, and the fines for non-compliance outweigh the cost.


The extension of these regulations seek to ensure New Zealand continues to protect and enhance its reputation as a good place to do business and is meeting international standards. However, they may slow down the time it takes to get professional assistance.


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