From June all banks in New Zealand will need to do more to check customer identity and, in some cases, account activity. This is required under New Zealand law…
The Anti-Money Laundering and Countering Financing of Terrorism Act was passed in 2009. The new anti-money laundering regime comes fully into effect on June 30.
Under the new law all banks will need to collect specific information from customers to verify their identity and address. The same goes for those acting on behalf of customers. More information may be required from customers than at present. For example, businesses may need to provide specific information about their owners.
From time to time banks will need to ask existing customers if information held is still up to date.
Banks may need to ask customers for additional information if their account activity changes over time. They may also need to ask about how customers intend to use their products and services. Collecting and verifying this customer information may take a little more time than it has in the past.
All banks and financial institutions operating in New Zealand will apply the same set of rules to customer accounts, but customers might experience slight process differences between each bank.
Detailed news link: click here
Link to New Zealand AML regulation (via Reserve Bank of NZ): click here