What is Anti-Money Laundering (AML) and how could it affect me?
Money laundering is all about hiding the profits of crime. Criminals try lots of ways to make the money they make from illegal activities appear legitimate.
Those who finance terrorism use similar methods to hide their tracks.
In 2013 New Zealand introduced identification provisions of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. It requires all financial institutions to detect and stop money laundering and terrorism financing. It helps protect all of us from financial crime and maintain our country’s international reputation.
One of its requirements is for us to carefully verify every customer’s identity, using photo ID and proof of address.
We usually only need this when you open an account. Sometimes, we need to update your details for other reasons:
- When you want to add someone else as a signing authority on your account
- If your account activity changes over time
- When you deposit cash into another person’s account
- When a non-customer deposits cash into your account
- When you send, receive or transfer funds
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