Regulatory Alerts2022-05-17
Explanatory Note: Electronic Identity Verification Guideline for Part 3 – Amended Identity Verification Code of Practice 2013
New Zealand financial supervisors issued this updated guideline to replace the 2017 version and clarify Electronic Identity Verification (EIV) requirements under the Amended Identity Verification Code of Practice 2013. The document mandates that reporting entities verify customer identity either through a single high-confidence biometric source or two reliable independent matching sources, supplemented by additional methods to link the remote individual to their claimed identity. It further requires detailed documentation of EIV procedures, provider due diligence, and specific compliance pathways for existing customers and various verification scenarios.
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