Regulatory Alerts2022-10-25
Added · Updated
Customer Due Diligence for Companies 2022 Factsheet
Issued by New Zealand AML/CFT supervisors, this guidance requires reporting entities to conduct customer due diligence on company customers under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. It mandates the identification and verification of beneficial owners, nominee directors, and persons acting on behalf of companies, while outlining simplified, standard, and enhanced CDD procedures based on risk levels. The document further specifies that enhanced due diligence is necessary for high-risk scenarios, such as companies with nominee structures or those from jurisdictions with insufficient AML/CFT measures.
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