Put simply, criminals hide who they are by using respected professionals, such as accountants, to do their transactions for them and make the transactions look legitimate. The legislation aims to make it harder for them to do this by requiring us to 'get to know' our customers before we work with them.
This means that from 1 October 2018 we’re required to have a way for us to manage and detect risk of AML/CFT and must to verify the details of clients before we provide applicable services.
As part of this, we'll need to perform Customer Due Diligence (CDD) upon you to verify who you are. When performing CDD we will require a number of pieces of information to complete the verification process. You might also find that we’re asking you a few more questions about where money came from than we did previously.
What kind of information might you need from me?
- Date of Birth
- New Zealand Driver License number or Passport number and version
- Proof of source of funds/wealth, such as bank statements
What do we do with your information?
With the above, we’ll verify the information via a third-party bureau database to verify name, address and date of birth data. This database holds trusted source data on over 3 million NZ consumers, which is updated monthly by banks, finance and retail energy providers. Changes to the Credit Reporting Privacy Code have enabled this data to be used for AML/CFT verification purposes.
If you have any questions, please don’t hesitate to contact us by calling 0800 555 024 or emailing firstname.lastname@example.org