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The Anti-Money Laundering and Countering Financing of Terrorism Act (‘the Act’) took effect from 30 June 2013 and is intended to help detect and prevent money laundering and terrorism financing. Under the Act, all financial institutions, law firms and real estate agents in New Zealand are required to verify a customer’s identity and account activity.
The objective of money laundering is to make money derived from criminal activity appear to be legitimate and more difficult to trace.
This is where the origin of legitimate funds is disguised to provide financial support to terrorists.
The Act requires us to collect additional information from you and anyone acting on your behalf, to verify your identity and address. You may need to show us an original or ‘certified copies’ of identity documents such as your passport, birth certificate or driver’s licence, along with a document that confirms your address – such as a recent utility bill.
The Act applies to both new and existing customers, so we may require extra information from you even if you have been with TSB for some time. We may also need to ask for additional information if your account activity changes over time and ask how you are using your accounts.
You may need to provide us with additional information when opening a new bank account, when sending, receiving or transferring funds, if there’s a change in your account activity, change your personal details or change the way you bank with us (e.g. you start trading as a business).
Under the Act, all financial institutions, law firms and real estate agents are required to verify their customer’s physical address.
Under the Act, we are required to gather additional information about all our customers; this includes information regarding country of residency and citizenship.
In some circumstances the Act may require us to ask where funds have come from and for what reason they are to be used.
Under the Act, we are required to collect occupation information to build a profile on our customers and how they use their accounts
Any ID form you choose to present must be current and valid. At least one form of your ID documents must contain your photo. In some instances, two forms of ID will be required. If you are unable to visit us to provide identification, we will require a ‘certified’ copy of your identification.Find out more about ID required for Personal accountsFind out more about ID required for Trust accounts
If we aren’t meeting you in person we will require a ‘certified’ copy of your identification instead. A ‘certified’ copy is a document which has been witnessed by recognised ‘certified signatory’ in the last 3 months. This requires a written statement on the document itself confirming it is a true copy of the original and represents the identity of the named individual. Along with this statement, they’ll need to write their name, occupation, signature and the date of signing.
Choose from any of the following certified signatories:
Your certified signatory may not be related to, or live with you.
Under the act, all financial institutions are now required to identify individuals with ‘effective control’ of an entity (e.g. Trust, Partnership or Company) or beneficial ownership of an entity, even when those people have no access to the accounts.
© TSB BANK LIMITED 2008-2019. Use of this website is subject to our Website Policy. TSB BANK Limited is in trade for the purposes of the Fair Trading Act 1986.
© TSB BANK LIMITED 2008-2019. Use of this website is subject to our >Website Policy. TSB BANK Limited is in trade for the purposes of the Fair Trading Act 1986.