What is the Anti-Money Laundering law?
The Anti-Money Laundering and Countering Financing of Terrorism Act is designed to help detect and deter money laundering by criminals and terrorism financing. Under the law, all banks in New Zealand are required to do more to verify a customer’s identity and, in some cases, account activity.
The Act requires all banks to:
- Identify new customers
- Re-identify existing customers in certain circumstances
- Monitor customer transactions on an ongoing basis
View the types of identification we require from you.
How will this affect you?
The law builds on previous customer identification requirements, which means you may need to provide more information about yourself than you have done in the past. You will be primarily affected when you open a bank account, or if you want someone else to have signing authority on your account.
From time to time, we will ask you if your information is still up to date. We may also need to ask you for additional information if your account activity, and how you intend to use Heartland’s products and services, changes over time. Collecting this information may take a little longer than it has in the past.
Why is this important?
Money laundering is the process of disguising the illegal origin of criminal profits. Criminals and drug dealers in our communities use a range of methods and levels of sophistication to make the money obtained from their illegal activities appear legitimate. Terrorist groups also move funds to disguise their source, purpose and destination.NZBA - You and the AML Law
When did the new law come into force?
All banks were required to comply with the Anti-Money Laundering and Countering Financing of Terrorism Act by 30 June 2013.