a customer:

any beneficial owner of a customer:

any person acting on behalf of a customer.

in the circumstances described in section 14, at least standard customer due diligence:

in the circumstances described in section 18, at least simplified customer due diligence:

in the circumstances described in section 22, enhanced customer due diligence.

the basis of documents, data, or information issued by a reliable and independent source; or

any other basis applying to a specified situation, customer, product, service, business relationship, or transaction prescribed by regulations.

if the reporting entity establishes a business relationship with a new customer:

if a customer seeks to conduct an occasional transaction or activity through the reporting entity:

if, in relation to an existing customer, and according to the level of risk involved,—

any other circumstances specified in subsection (2) or in regulations.

the person’s full name; and

the person’s date of birth; and

if the person is not the customer, the person’s relationship to the customer; and

the person’s address or registered office; and

the person’s company identifier or registration number; and

any information prescribed by regulations.

take reasonable steps to satisfy itself that the information obtained under section 15 (other than the information obtained under section 15(d)) is correct; and

according to the level of risk involved, take reasonable steps to verify any beneficial owner’s identity so that the reporting entity is satisfied that it knows who the beneficial owner is; and

if a person is acting on behalf of the customer, according to the level of risk involved, take reasonable steps to verify the person’s identity and authority to act on behalf of the customer so that the reporting entity is satisfied it knows who the person is and that the person has authority to act on behalf of the customer; and

verify any other information prescribed by regulations.

it is essential not to interrupt normal business practice; and

money laundering and financing of terrorism risks are effectively managed through procedures of transaction limitations and account monitoring or (if the reporting entity is not a financial institution) through other appropriate risk management procedures; and

verification of identity is completed as soon as is practicable once the business relationship has been established.

information on the nature and purpose of the proposed business relationship between the customer and the reporting entity; and

sufficient information to determine whether the customer should be subject to enhanced customer due diligence.

it establishes a business relationship with one of the customers specified in subsection (2); or

one of the customers specified in subsection (2) conducts an occasional transaction or activity through the reporting entity; or

a customer conducts a transaction or obtains a product or service specified in regulations through the reporting entity.

a listed issuer (within the meaning of section 6(1) of the Financial Markets Conduct Act 2013) that is the issuer of quoted voting products (within the meaning of that Act):

a public service agency as defined in section 5 of the Public Service Act 2020:

a local authority, as defined in section 5(2) of the Local Government Act 2002:

the New Zealand Police:

a State enterprise (within the meaning of section 2 of the State-Owned Enterprises Act 1986) and a new State enterprise (as listed in Schedule 2 of that Act):

a body that—

a person licensed to be a supervisor or statutory supervisor under the Financial Markets Supervisors Act 2011, when the person acts for itself:

a trustee corporation, within the meaning of section 2(1) of the Administration Act 1969, when the trustee corporation acts for itself:

a Crown entity, as defined in section 7(1) of the Crown Entities Act 2004:

an organisation named in Schedule 4 of the Public Finance Act 1989:

a company named in Schedule 4A of the Public Finance Act 1989:

a government body that—

a registered bank within the meaning of section 2(1) of the Banking (Prudential Supervision) Act 1989:

a licensed insurer within the meaning of section 6(1) of the Insurance (Prudential Supervision) Act 2010:

a company, or a subsidiary (within the meaning of section 5(1) of the Companies Act 1993) of that company,—

any other entity or class of entities specified in regulations.

the reporting entity already has a business relationship with the customer at the time the person acts on behalf of the customer; and

the reporting entity has conducted one of the specified types of customer due diligence on the customer in accordance with this Act and regulations (if any).

the person’s full name; and

the person’s date of birth; and

the person’s relationship to the customer; and

any information prescribed by regulations.

if the reporting entity establishes a business relationship with a customer that is—

if a customer seeks to conduct an occasional transaction or activity through the reporting entity and that customer is—

if a customer seeks to conduct, through the reporting entity, a complex, unusually large transaction or unusual pattern of transactions that have no apparent or visible economic or lawful purpose:

when a reporting entity considers that the level of risk involved is such that enhanced due diligence should apply to a particular situation:

any other circumstances specified in section 22A or regulations.

it establishes a business relationship with a customer who it has determined is a politically exposed person; or

a customer who it has determined is a politically exposed person seeks to conduct an occasional transaction or activity through the reporting entity.

it establishes a business relationship with a customer that involves new or developing technologies, or new or developing products, that might favour anonymity; or

a customer seeks to conduct an occasional transaction or activity through the reporting entity that involves new or developing technologies, or new or developing products, that might favour anonymity.

that the reporting entity concerned (other than a high-value dealer) is required to report to the Commissioner under section 40; and

that is not otherwise exempt from the customer due diligence requirements or from all the requirements of the Act; and

that is conducted, or sought to be conducted,—

information relating to the source of the funds or the wealth of the customer; and

the additional information referred to in subsection (2) and any additional information prescribed by regulations.

in the case of a trust other than a trust to which paragraph (b) applies, the name and the date of birth of each beneficiary of the trust:

in the case of a customer that is a discretionary trust or a charitable trust or a trust that has more than 10 beneficiaries, a description of—

conduct the verification of identity requirements for standard customer due diligence set out in section 16; and

according to the level of risk involved, take reasonable steps to verify the information obtained under—

verify any other information prescribed by regulations.

it is essential not to interrupt normal business practice; and

money laundering and financing of terrorism risks are effectively managed through procedures of transaction limitations and account monitoring or (if the reporting entity is not a financial institution) through other appropriate risk management procedures; and

verification of identity is completed as soon as is practicable once the business relationship has been established.

the reporting entity must have senior management approval for continuing the business relationship; and

the reporting entity must obtain information about the source of wealth or funds of the customer or beneficial owner and take reasonable steps to verify the source of that wealth or those funds.

the originator’s full name; and

the originator’s account number or other identifying information that may be prescribed and allows the transaction to be traced back to the originator; and

one of the following:

any information prescribed by section 27A or regulations.

use effective risk-based procedures for handling wire transfers that are not accompanied by all the information specified in subsection (1); and

consider whether the wire transfers constitute a suspicious activity.

verify the originator’s identity so that the reporting entity is satisfied that the information obtained under section 27 is correct; and

verify any other information prescribed by regulations.

gather enough information about the respondent to understand fully the nature of the respondent’s business; and

determine from publicly available information the reputation of the respondent and whether and to what extent the respondent is supervised for AML/CFT purposes, including whether the respondent has been subject to a money laundering or financing of terrorism investigation or regulatory action; and

assess the respondent’s anti-money laundering and countering financing of terrorism controls to ascertain that those controls are adequate and effective; and

have approval from its senior management before establishing a new correspondent banking relationship; and

document the respective AML/CFT responsibilities of the correspondent and the respondent; and

be satisfied that, in respect of those of the respondent’s customers who have direct access to accounts of the correspondent, the respondent―

meet any other requirements prescribed by regulations and that apply to correspondent banking relationships.

the correspondent carries on an activity or business at or through a permanent establishment of the correspondent in a particular country; and

the respondent carries on an activity or business at or through a permanent establishment of the respondent in another country; and

the correspondent banking relationship relates, in whole or in part, to those permanent establishments; and

the relationship is not of a kind specified in regulations; and

the banking services are not of a kind specified in regulations.

take any additional measures that may be needed to mitigate and manage the risk of new or developing technologies, or new or developing products, that might favour anonymity from being used in the commission of a money laundering offence or for the financing of terrorism; and

meet any other requirements prescribed by regulations and that apply to the particular technology or product.

ensure that the business relationship and the transactions relating to that business relationship are consistent with the reporting entity’s knowledge about the customer and the customer’s business and risk profile; and

identify any grounds for reporting a suspicious activity under paragraph (b) of the definition of that term in section 39A.

the type of customer due diligence conducted when the business relationship with the customer was established; and

the level of risk involved.

regularly review the customer’s account activity and transaction behaviour; and

regularly review any customer information obtained under sections 15, 17, 19, 21, 23, 25, 26, 27, 29, and 30, or, in relation to an existing customer, any customer information the reporting entity holds about the customer; and

anything prescribed by regulations.

rely on another member of the group (member B) to conduct any customer due diligence procedures required for customer due diligence under this Act or regulations as long as—

adopt that part of an AML/CFT programme of another member of the group that relates to record keeping, account monitoring, ongoing customer due diligence, and annual reporting and share and use the procedures, policies, and controls relating to those parts of the programme subject to any conditions prescribed by regulations: