Who can ask for information and why

Some businesses are legally required to:

• verify the identity of customers
• report suspicious activity and certain transactions.

This makes it harder for criminals and terrorists to use New Zealand’s financial system to move or hide money obtained through illegal activities.

These requirements come from the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CTF Act).

Examples of businesses included in the AML/CTF Act are:

• banks and other financial institutions
• money transfer and foreign exchange providers
• lawyers and conveyancers (property transfer specialists)
• accountants
• real estate agents
• casinos.

Anti-money laundering: information for the public — Ministry of Justice

When you may be asked to provide information

You may need to provide information before doing things such as:

• opening a new bank account
• making large cash deposits or transfers
• buying property.

Businesses covered by the AML/CTF Act must report certain transactions to the NZ Police, for example:

• cash transactions of NZD$10,000 or more
• international transfers of NZD$1,000 or more
• any transaction or activity that looks suspicious.

What information you may need to provide

To verify your identity, you may be asked to provide information such as:

• your full legal name and date of birth
• a photo ID (for example, passport or driver’s licence)
• proof of your address (for example, utility bill or bank statement).

To prove where your money came from, you may be asked to show documents such as:

• payslips or employment details
• bank statements
• tax records.

If you don’t provide the requested information, the transaction could be declined or delayed.