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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

AML/CFT requirements and compliance - Customer due diligence - Prohibitions

38: Prohibition on false customer names and customer anonymity

You could also call this:

"No fake names when opening accounts"

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

You must not set up a facility for a customer without knowing who they are. You cannot use a false name for a customer when setting up a facility. There are some exceptions to this rule, such as when the customer's identity has been verified or when the facility is for law enforcement purposes.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2140886.

Topics:
Money and consumer rights > Banking and loansCrime and justice > Police and safety
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37: Prohibitions if customer due diligence not conducted, or

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

38Prohibition on false customer names and customer anonymity

  1. A reporting entity must not,—

  2. knowingly or recklessly, set up a facility for a customer on the basis of customer anonymity:
    1. without lawful justification or reasonable excuse, set up a facility for a customer under a false customer name.

      1. Subsection (1) does not apply to a facility—

      2. that has a number or other identifier allocated to it and the customer and any person who is authorised to act on behalf of the customer in respect of the facility has had their identity verified in accordance with the relevant customer due diligence requirements; or
        1. that has been set up for the Commissioner or for the New Zealand Security Intelligence Service or for the Government Communications Security Bureau for law enforcement purposes.

          Notes
          • Section 38(2)(a): amended, on , by section 5 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2012 (2012 No 98).
          • Section 38(2)(b): amended, on , by section 4 of the Statutes Amendment Act 2019 (2019 No 56).