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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

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

27: Wire transfers: identity requirements

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"Banks need to know who you are when you send money by wire transfer"

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

When you send a wire transfer, the bank must know who you are. They need your full name and account number. They also need one of these: your address, national identity number, customer identification number, or place and date of birth. If you send a domestic wire transfer, the bank may only need your account number. But they must be able to give the other information within three working days if asked. The bank must send the information with the wire transfer. If the information is missing, the receiving bank must check if it is suspicious. A domestic wire transfer is when all the banks involved are in New Zealand. You can read more about this in section 27A or section 154(1)(c).

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2140866.

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27A: Other identifying information prescribed in relation to wire transfers, or

"Information needed when sending money by wire transfer"

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

27Wire transfers: identity requirements

  1. A reporting entity that is an ordering institution must identify the originator of a wire transfer that is equal to or above the applicable threshold value by obtaining the following information:

  2. the originator's full name; and
    1. the originator's account number or other identifying information that may be prescribed and allows the transaction to be traced back to the originator; and
      1. one of the following:
        1. the originator's address:
          1. the originator's national identity number:
            1. the originator's customer identification number:
              1. the originator's place and date of birth; and
              2. any information prescribed by section 27A or regulations.

                1. However, if the wire transfer is a domestic wire transfer, a reporting entity that is an ordering institution may identify the originator by obtaining the originator's account number or other identifying information that may be prescribed and allows the transaction to be traced back to the originator if the reporting entity that is the ordering institution is able to provide the information specified in subsection (1)(a), (c), and (d) within 3 working days of a request being made by the beneficiary institution.

                2. Regulations may be made under section 154(1)(c) exempting the reporting entity from the obligation to obtain some or all of the information set out in subsection (1) in relation to a specified transfer or transaction.

                3. The information obtained by the reporting entity (the ordering institution under subsection (1) or (2), as the case may be) must accompany the wire transfer.

                4. A reporting entity that is a beneficiary institution must—

                5. use effective risk-based procedures for handling wire transfers that are not accompanied by all the information specified in subsection (1); and
                  1. consider whether the wire transfers constitute a suspicious activity.

                    1. Any information about the originator obtained by a reporting entity that is an intermediary institution must be provided by that reporting entity to the beneficiary institution as soon as practicable.

                    2. For the purposes of this section, a domestic wire transfer is a wire transfer where the ordering institution, the intermediary institution, and the beneficiary institution are all in New Zealand.

                    Notes
                    • Section 27(1): amended, on , by section 17(1) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
                    • Section 27(1)(d): amended, on , by section 17(2) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
                    • Section 27(5)(b): amended, on , by section 17(3) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
                    • Section 27(6): replaced, on , by section 7 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2013 (2013 No 106).