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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

28: Wire transfers: verification of identity requirements

You could also call this:

"Checking who you are when sending money electronically"

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

When you send a wire transfer, the institution helping you must check the sender's identity. They do this to make sure the information they have is correct, as required by section 27. They also check other information as required by regulations. You can find more about this in the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2013. The institution must do these checks before they order the wire transfer.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2140868.

Topics:
Money and consumer rights > Banking and loans
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27A: Other identifying information prescribed in relation to wire transfers, or

"Information needed when sending money by wire transfer"

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29: Correspondent banking relationships, or

"When one bank helps another bank in a different country with banking services"

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

28Wire transfers: verification of identity requirements

  1. The ordering institution must, according to the level of risk involved,—

  2. verify the originator’s identity so that the reporting entity is satisfied that the information obtained under section 27 is correct; and
    1. verify any other information prescribed by regulations.

      1. Verification of the originator's identity must be carried out before the wire transfer is ordered.

      Notes
      • Section 28(1)(a): replaced, on , by section 8 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2013 (2013 No 106).