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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

25: Enhanced customer due diligence: other requirements

You could also call this:

"Extra checks when dealing with some customers"

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

You need to know about extra checks when dealing with customers. In certain situations, like those described in section 22(1)(a), 22(2)(a), and 22(5)(a), you must find out more about the customer. You have to learn about the type of business and its purpose between you and the customer.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2353124.

Topics:
Money and consumer rights > Consumer protectionBusiness > Industry rules
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"Check someone's identity when starting a business with them"

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

25Enhanced customer due diligence: other requirements

  1. In the circumstances described in section 22(1)(a), 22(2)(a), and 22(5)(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.