FAQ: What are the New Zealand AML regulatory changes effective 1 June 2024?

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