Verification of Identity
Verification of identity is a core aspect of customer due diligence (CDD). This post describes five solutions for verification of identity: face-to-face documentary verification, documentary verification via a trusted referee, electronic identity verification, using a CDD outsourcing provider and relying on another reporting entity for CDD.
Customer Due Diligence
Customer due diligence is a cornerstone of your AML/CFT regime. This post provides you with an overview of the three levels of customer due diligence, standard, simplified and enhanced.
Changes to the AML/CFT Act Regulations
The Amendment Regulations released in July 2023 are the biggest legal change that the AML/CFT regime has had in the past five years. This post is a must-read for all reporting entities, as it outlines some crucial aspects of the changes.
Department of Internal Affairs Issues a Formal Warning
The Department of Internal Affairs issued a formal warning to real estate agent Arizto. This post sheds lights on the reasons of the formal warning and addresses the importance of self-detection.
AML/CFT Compliance: Introduction
This article provides an introductory definition of money laundering and financing of terrorism and a high-level presentation of what reporting entities need to consider to comply with New Zealand anti-money laundering and counter financing of terrorism legislation.