Applies to: AML Accelerate
The DIA released updated regulations taking effect from 1 June, 2024.
To keep you updated with the latest AML regulatory guidance and best practices, we updated AML Accelerate with refreshed AML Policy and CDD Standards templates for New Zealand.
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AML Policy template updates
- Chapter 8.2 Enhanced CDD Triggers: Added new triggers for EDD
CDD Standards template updates
- Chapter 1.2 Ultimate beneficial owners:
- Updated definition of beneficial owner including changed threshold from "25% or more" to "more than 25%"
- Updated paragraphs
- Chapter 2.1 Collection of identity information:
- Changed the term "agent" to "Person(s) acting on behalf of customer"
- Added address requirement for person acting on behalf
- Added "Nature and purpose of the proposed business relationship with the customer"
- Chapter 2.5 Verification of Person(s) Acting on Behalf of the Customer:
- Changed the term "agent" to "Person(s) acting on behalf of customer"
- Added address requirement for person acting on behalf
- Added "Nature and purpose of the proposed business relationship with the customer"
- Chapter 3.1 Collection of Identity information: Added following requirements:
- Customer’s legal form, proof of existence, and the powers that bind and regulate the company
- Company’s ownership and control structure
- Nature and purpose of the proposed business relationship with the customer
- Chapter 3.1 Collection of Identity information: Updated the following requirements:
- Added/reworded information to collect for Beneficial Owner
- Minor wording edit for information to collect for nominee directors or nominee shareholders
- Added/reworded information to collect for person(s) acting on behalf of customer
- Chapter 3.1 Collection of Identity information: Removed following requirements:
- Full names of all directors
- Information set out in the individuals' section in relation to ONE director
- Chapter 3.3 Verification of nominee Director or nominee shareholder relationships:
- Changed section title from "Verification of Directors" to "Verification of nominee director or nominee shareholder relationships"
- Added requirements and guidance on verification
- Chapter 3.4 Verification of ultimate beneficial owners:
- Updated definition of beneficial owner including changed threshold from "25% or more" to "more than 25%"
- Updated paragraphs
- Chapter 3.5 Verification of person(s) acting on behalf of the customer:
- Changed the term "agent" to "person(s) acting on behalf of the customer.
- Chapter 3.7 Verification of the legal form, proof of existence, ownership and control structure, powers that bind and regulate:
- Added new Chapter
- Chapter 4.1 Collection of identity information:
- Changed the term "agent" to "person(s) acting on behalf of the customer"
- Added address requirement for person acting on behalf
- Chapter 4.5 Verification of person(s) acting on behalf of the customer:
- Changed the term "agent" to "person(s) acting on behalf of the customer"
- Chapter 5.1 Collection of identity information: Added the following requirements:
- Address of the trust
- Information on the nature and purpose of the proposed business relationship with the trust
- Legal form and proof of existence
- Trust's ownership and control structure
- Full name, date of birth, address and relationship to the customer for each ultimate beneficial owner
- Name and date of birth of protector
- Chapter 5.1 Collection of identity information: Updated the following requirements:
- Date of birth of settlor
- Date of birth of beneficiaries
- Objects of trust
- Information to collect for person(s) acting on behalf
- Chapter 5.4 Verification of the ultimate beneficial owners:
- Updated paragraphs
- Chapter 5.5 Verification of person(s) acting on behalf of the customer:
- Updated paragraphs
- Chapter 5.7 Verification of settlor(s) and any protector(s) of the trust:
- Added new Chapter
- Chapter 5.8 Verification of the trust’s legal form and proof of existence, ownership and control structure and any powers that bind and regulate:
- Added new Chapter
- Chapter 6.1 Collection of identity information: Added:
- Any powers that bind and regulate the partnership
- Partnership’s address or registered office
- Identity or registration number
- Existence and name of any nominee general partner
- Legal form and proof of existence
- Ownership and control structure
- Full name, date of birth, address, relationship to the customer of each ultimate beneficial owner
- Chapter 6.1 Collection of identity information: Updated the following requirements:
- Information to collect for person(s) acting on behalf of the customer
- Chapter 6.5 Verification of ultimate beneficial owners:
- Updated paragraphs
- Chapter 6.6 Verification of Person(s) Acting on Behalf of the Customer:
- Updated paragraphs
- Chapter 6.8 Verification of the partnerships' legal form and proof of existence, ownership and control structure and any powers that bind and regulate:
- Added new Chapter
- Chapter 6.9 Verification of Existence and Identity of Nominee General Partner:
- Added new Chapter
- Chapter 7.1 Collection of identity information:
- Changed the term "agent" to "person(s) acting on behalf of the customer"
- Added address requirement for person(s) acting on behalf
- Added "Nature and purpose of the proposed business relationship with the customer"
- Chapter 7.7 Verification of person(s) acting on behalf of the customer:
- Changed the term "agent" to "person(s) acting on behalf of the customer"
- Added address requirement for person(s) acting on behalf
- Added "Nature and purpose of the proposed business relationship with the customer"
- Chapter 7.6 Verification of ultimate beneficial owners:
- Updated paragraphs
- Chapter 8.1 Collection of identity information:
- Changed the term "agent" to "person(s) acting on behalf of the customer"
- Added address requirement for person(s) acting on behalf
- Added "Nature and purpose of the proposed business relationship with the customer"
- Chapter 8.2 Verification of identity information:
- Changed the term "agent" to "person(s) acting on behalf of the customer"
- Added address requirement for person(s) acting on behalf
- Added "Nature and purpose of the proposed business relationship with the customer"
- Chapter 8.5 Verification of person(s) acting on behalf of the customer:
- Changed the term "agent" to "person(s) acting on behalf of the customer"
- Added address requirement for person(s) acting on behalf
- Added "Nature and purpose of the proposed business relationship with the customer"
- Chapter 8.4 Verification of ultimate beneficial owners:
- Updated paragraphs
- Chapter 9.1 Collection of identity information:
- Changed the term "agent" to "person(s) acting on behalf of the customer"
- Added address requirement for person(s) acting on behalf
- Added "Nature and purpose of the proposed business relationship with the customer"
- Chapter 9.4 Verification of person(s) acting on behalf of the customer:
- Changed the term "agent" to "person(s) acting on behalf of the customer"
- Added address requirement for person(s) acting on behalf
- Added "Nature and purpose of the proposed business relationship with the customer"
- Chapter 10.1 Enhanced CDD approach:
- Added new triggers for EDD
- Chapter 11.1 Simplified due diligence:
- Updated paragraphs
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