Regulatory Alerts2022-05-17
Amended Identity Verification Code of Practice 2013
Issued by the New Zealand Ministers of Finance, Commerce and Internal Affairs under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, this code establishes best practice standards for verifying the identity of low to medium risk natural person customers. It mandates compliance through three specific methods: documentary verification using approved primary and secondary identification, document certification by authorized trusted referees, and electronic verification via reliable independent data sources. Reporting entities that adhere to these prescribed procedures are deemed to have satisfied their statutory customer due diligence obligations regarding name and date of birth verification.
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