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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

AML/CFT requirements and compliance - Customer due diligence - Standard customer due diligence

17: Standard customer due diligence: other requirements

You could also call this:

"Checking customers to prevent money laundering and terrorism"

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

When you are a reporting entity, you must get some information. You need to know what kind of business the customer wants to do with you and why. You also need to find out if you should do extra checks on the customer.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2140855.

Topics:
Money and consumer rights > Consumer protectionCrime and justice > Police and safety
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16: Standard customer due diligence: verification of identity requirements, or

"Companies must check your identity before doing business with you"

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18: Circumstances when simplified customer due diligence applies, or

"When you can do simpler checks on customers"

Part 2AML/CFT requirements and compliance
Customer due diligence: Standard customer due diligence

17Standard customer due diligence: other requirements

  1. A reporting entity must also obtain—

  2. information on the nature and purpose of the proposed business relationship between the customer and the reporting entity; and
    1. sufficient information to determine whether the customer should be subject to enhanced customer due diligence.