Regulatory Alerts2022-05-17
Identity Verification Code of Practice 2011
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 practices for verifying the identity of low to medium risk natural person customers. It outlines three approved methods for verification: documentary identity verification, document certification by trusted referees, and electronic identity verification, while mandating that address verification be conducted alongside name and date of birth checks. Compliance with this code provides a legal safe harbour for reporting entities, allowing them to demonstrate adherence to statutory customer due diligence obligations under sections 16, 20, 24 and 28 of the Act.
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