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The Bank Gift Letter is a crucial document in New Zealand's banking and property sector, primarily used when individuals receive monetary gifts to assist with property purchases or other significant financial transactions. This document became increasingly important as banks and financial institutions enhanced their due diligence requirements under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. The Bank Gift Letter serves multiple purposes: it provides clear evidence that funds are genuinely gifted rather than loaned, helps financial institutions meet their regulatory obligations, and protects all parties involved by clearly documenting the transaction's nature. The letter typically includes comprehensive details about the gift's amount, purpose, and parties involved, while incorporating necessary declarations about the source of funds and their non-repayable nature. It's particularly relevant in scenarios where parents or family members are helping younger generations enter the property market.

1. Letter Header: Bank name, branch details, date, and reference number

2. Donor Details: Full legal name, address, and contact information of the person giving the gift

3. Recipient Details: Full legal name, address, and contact information of the person receiving the gift

4. Gift Amount: Specific amount being gifted, written in both numbers and words

5. Gift Purpose: Intended purpose of the gift (e.g., house deposit, property purchase)

6. Source of Funds Declaration: Statement confirming the legitimate source of the gifted funds

7. No Repayment Declaration: Clear statement that the money is a gift and not a loan, with no expectation of repayment

8. Signing Block: Space for donor's signature, witness details, and date of signing