us

85.208.98.29

New Zealand’s FMA Issues New ID Verification Guideline

newzealand

A new explanatory note has been issued by New Zealand identifying the sources of information that reporting entities can use for identity verification. 

The Financial Markets Authority (FMA), New Zealand has issued guidelines for identity verification protocols in the country. The previous explanatory note published by the ​​Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) supervisors in December 2017 has been replaced by the new guidelines. 

According to the new guidelines, the Confirmation service operated by the Department of Internal Affairs (DIA) and the Transport Agency (NZTA) driving licence records can be used to verify the name and date of birth of an individual during the process of identity verification.

Other electronic sources used in New Zealand for identifying individuals have also been pointed out, including Credit Bureaus, the Companies Office, the Land Registry (LINZ), and vehicle registrations (NZTA).

Additionally, the guideline sets out AML/CFT regulatory expectations that come into account during the review of reporting entity’s identity verification policies, procedures, and practices. 

For the compliance of AML/CFT regulations, reporting entities are required to perform identity verification on each individual prior to onboarding them. This step is deemed necessary to avoid fraudsters infiltrating the system. 

Examples of acceptable electronic identity verification (EIV) practices have also been included at the end of the guideline. 

The Explanatory Note can be viewed here.  

Suggested Read: Why Digital Identity Verification is Booming – A Detailed Insight

Related Posts

News

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Explore More

News

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Explore More

News

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Explore More

News

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

Explore More

News

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

Explore More

News

UAE Central Bank hit Financial Firms with fines due to compliance failures

UAE Central Bank hit Financial Firms with fines due to compliance failures

Explore More

News

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Explore More

News

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Explore More

News

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Explore More

News

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Explore More

News

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

Explore More

News

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

Explore More

News

UAE Central Bank hit Financial Firms with fines due to compliance failures

UAE Central Bank hit Financial Firms with fines due to compliance failures

Explore More

News

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started