1. Compliance
  2. Guidance library
  3. AML/CFT
  4. AML/CFT amended identity verification code of practice 2013

AML/CFT amended identity verification code of practice 2013

 
131201 Identity verification code of practice AML CFT
This provides a suggested best practice for all reporting entities conducting name and date of birth identity verification on customers (that are natural persons) they have assessed to be low to medium risk.

Complying with a code of practice is not mandatory, although it constitutes a safe harbour. If a reporting entity fully complies with the code it is deemed to be compliant with the relevant parts of the Act. If a reporting entity opts out of the code, it must inform its supervisor and must adopt practices that are equally effective, otherwise it risks non-compliance.
Previous Versions