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
Related Answers
-
Due to the Reserve Bank of New Zealand’s (RBNZ’s) loan-to-value ratio (LVR) restrictions, loans for residential investment properties generally have ...
-
Your verbal or spoken password can be changed at any one of our ASB branches. You will need to provide ...
-
No, you won’t need to enter a Netcode if: The total amount of payments in a day is below $1,000 ...
-
Yes, however a PIN is not required for internet, mail or telephone order transactions, or for contactless transactions under $200.
-
There are a few reasons why you may not be receiving your Netcode text: Your mobile coverage could be poor ...
-
Your True Rewards card has a PIN number which you create. It is unique to your card and is a ...
-
To help guide your choices when selecting a new password for FastNet Classic internet banking and Online Share Trading we’ve ...
-
Some recent browser updates mean that you may now be prompted to save your password when logging in to FastNet ...
-
If you've spotted an error with a transaction (e.g. an incorrect value or you were charged twice) or if you've ...
-
Yes. Netcode can be sent to New Zealand or International mobile phone numbers. The alternative option for you is to ...
-
Netcode is a two-step verification method that's an extra layer of security to help us make sure it's really you ...
