Anti-Money Laundering and Countering Financing of Terrorism Act 2009
The identification of Members who are intending to open lending or savings products 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 when they make a significant change to their business, such as opening a new loan, or investment account, or make material alterations to existing lending/savings or investment accounts.
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 need your NZ drivers licence details to be able to identify you electronically. In the odd instance where we are unable to identify you through this process, we will ask you to complete an identification form and have your identification and proof of address manually certified. The identification form lists the types of identification documents and the process for having these certified.
MAS must look at company structures so we can determine who has control over the activities of the entity.
As well as verifying the legitimacy of the company, anyone who is a “beneficial owner”* will need to be identified. Please complete the company identification form and the authority to act form. These forms are intended to help us ensure that we have identified everyone you have authorised to transact on your account.
MAS must look at trust deeds so we can determine who has control over the activities of the trust. In order to do this, we will ask you to provide a copy of the trust deed.
All trustees and those who have authority over the activities of the trust must be individually identified. Please complete the trust identification form as this helps us ensure that everyone who has authority has been identified.
You can find information regarding the Act and how it may affect you by contacting:
*A beneficial owner is any individual who owns more than 25% of the entity, any individual who has effective control over the entity, or any individual on whose behalf transactions are conducted by the business. For example, a Practice Manager who is authorised to withdraw and deposit funds into a creditline will need to be identified.