BEFORE YOU GO...
Check how Shufti Pro can verify your customers within secondsRequest Demo
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published by the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) supervisors in December 2017 has been replaced by the new guidelines.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 license 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.