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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

AML/CFT requirements and compliance - Record keeping

50: Obligation to keep identity and verification records

You could also call this:

"Keep records of how you check someone's identity"

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

When you identify and verify someone's identity, you must keep records of how you did it. You need to keep these records so you can easily find out what evidence you used. You might keep a copy of the evidence or information about how to get it. You have to keep these records for a long time - at least 5 years. This is after the business relationship ends or the transaction is finished. If you are dealing with a wire transfer, you also have to keep records for at least 5 years. You must keep these records whether you have a business relationship with the person or it is just an occasional transaction. This helps with anti-money laundering and countering financing of terrorism, as outlined in the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. You can find more information about this on the New Zealand legislation website.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2140905.

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"Keep a record of suspicious activity reports for at least 5 years"

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51: Obligation to keep other records, or

"Keep extra records to help stop money laundering and terrorism"

Part 2AML/CFT requirements and compliance
Record keeping

50Obligation to keep identity and verification records

  1. In respect of each case in which a reporting entity is required, under subpart 1 of this Part, to identify and verify the identity of a person, the reporting entity must keep those records that are reasonably necessary to enable the nature of the evidence used for the purposes of that identification and verification to be readily identified at any time.

  2. Without limiting subsection (1), those records may comprise—

  3. a copy of the evidence so used; or
    1. if it is not practicable to retain that evidence, any information as is reasonably necessary to enable that evidence to be obtained.

      1. A reporting entity must retain the records kept by that reporting entity for,—

      2. in the case of records relating to the identity and verification of the identity of a person in relation to establishing a business relationship, a period of at least 5 years after the end of that business relationship; or
        1. in the case of records relating to the identity and verification of the identity of a person in relation to conducting an occasional transaction or activity, a period of at least 5 years after the completion of that occasional transaction or activity; or
          1. in the case of records relating to the identity and verification of the identity of an originator in relation to a wire transfer,—
            1. if the wire transfer is conducted by a customer with whom the reporting entity has a business relationship, a period of at least 5 years after the end of that business relationship; or
              1. if the wire transfer is an occasional transaction or activity, a period of at least 5 years after the completion of the wire transfer.

              Compare
              Notes
              • Section 50(3)(b): amended, on , by section 68 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).
              • Section 50(3)(c)(ii): amended, on , by section 68 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).