Anti-Money Laundering and Countering Financing of Terrorism Act 2009
The identification of Members who are intending to open MAS investment accounts, is a legal requirement under the Anti-Money Laundering and Countering of Financing of Terrorism Act 2009, which came into force 30 June 2013.
MAS is serious about meeting our legal obligations and ensuring that our systems and services are not used for criminal purposes.
So what? How does this affect me?
Existing MAS Members must be identified, and their residential address verified, when they make a significant change to their business, such as opening a new investment account, or if they make material alterations to existing investment accounts (e.g. a KiwiSaver withdrawal).
From time to time we may also ask you to update your identification as part of our ongoing due diligence requirements.
Don’t you trust me?
A key aspect of meeting our legal requirements is identifying our Members to ensure we understand who our Members are, and the potential risks of doing business with them.
We recognise that MAS and its Members are in a unique position and that we have minimal exposure to the risks of money laundering and terrorism financing activities. This is a fantastic reflection of our Members but unfortunately does not negate the need for us to complete the identification steps required to demonstrate compliance.
So what will you need from me?
For most people, proving your identification is easy. Typically we will be able to verify your identity and residential address electronically if you provide the details of your NZ driver licence or NZ passport.
Where we are unable to identify you electronically, we will contact you to discuss options to manually verify your identity documents.
You can find information regarding the Act and how it may affect you by contacting: