This article will help to explain the steps that need to be followed in order to complete AML and get a refund from the tax pool.
All refunds will require the client's refund preference in the portal to be updated to be their bank account for refund.
Any refund over $1,000 will also be subject to an AML check.
All refunds are paid out each Friday, subject to both the bank account being verified and AML being completed.
Why do we require AML checks?
AML verification is required for sales in excess of $1,000 which are being paid directly to your client’s bank account. We partner with Real AML to complete AML verifications.
How does the process work?
When you request a refund, we will ask for contact details for someone to use in conjunction with Real AML to get the AML check complete. Real AML will be in touch with the information they require to complete successful verification.
Depending on the type of client (individual, company, trust) these requirements can vary. If you have any questions about your specific client send us an email on team@taxtraders.co.nz.
How long does the check remain valid?
Once a client is verified, this will then be valid for 12 months, before an additional check needs to be made.