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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

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

21: Simplified customer due diligence: other requirements

You could also call this:

"Learning more about a company when you start working with them"

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

You need to know some extra information when you start a business relationship with a company. This is if you are in certain situations described in section 18(1)(a). The company must find out what the business relationship is for and what kind of business you want to do with them.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2339000.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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20: Simplified customer due diligence: verification of identity requirements, or

"Checking who you are when dealing with a company"

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22: Circumstances when enhanced customer due diligence applies, or

"When extra checks are needed to stop money laundering"

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

21Simplified customer due diligence: other requirements

  1. In the circumstances described in section 18(1)(a), a reporting entity must also obtain information on the nature and purpose of the proposed business relationship between the customer and the reporting entity.