Amended Identity Verification Code of Practice
The Department of Internal Affairs, Financial Markets Authority and Reserve Bank of New Zealand have published a new explanatory note guideline for Part 3 of the Amended Identity Verification Code of Practice. This guideline replaces the previous version published in 2017 and provides reporting entities with a more detailed guideline explaining Electronic Identity Verification (EIV) under the code.
Please note that you must take supervisor guidance, such as this guideline update, into account in your AML/CFT Programme (see section 57(2) of the Anti-Money Laundering and Countering the Financing of Terrorism Act 2009).
The new guideline includes additional content about commonly used electronic sources in New Zealand and sets out the supervisors’ expectations when they review or inspect a reporting entity’s EIV procedures, policies, and controls. The new guideline also includes examples of EIV practices as well as a section on the supervisors’ view on EIV for high-risk customers (the code is only applicable for customers that are assessed by the reporting entity as low to medium risk).
