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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

AML/CFT requirements and compliance - Customer due diligence

10: Definitions

You could also call this:

"What important words mean in this law"

Illustration for Anti-Money Laundering and Countering Financing of Terrorism Act 2009

You need to know what some terms mean in this part of the law. Enhanced customer due diligence is when you follow the rules in sections 23 to 30 and other rules made by regulations. Simplified customer due diligence is when you follow the rules in sections 19 to 21 and other rules made by regulations. You also need to know about standard customer due diligence. This is when you follow the rules in sections 15 to 17 and other rules made by regulations. These rules help you understand what customer due diligence means in different situations. These terms are important to understand how the law works.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2140841.

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"Breaking other rules is no excuse for not following this law"

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"Checking who your customers really are"

Part 2AML/CFT requirements and compliance
Customer due diligence

10Definitions

  1. In this subpart, unless the context otherwise requires,—

    enhanced customer due diligence means customer due diligence in accordance with the requirements set out in sections 23 to 30 and any other requirements prescribed by regulations

      simplified customer due diligence means customer due diligence in accordance with the requirements set out in sections 19 to 21 and any other requirements prescribed by regulations

        standard customer due diligence means customer due diligence in accordance with the requirements set out in sections 15 to 17 and any other requirements prescribed by regulations.