The Department of Internal Affairs, the Financial Markets Authority and the Reserve Bank of New Zealand have published updated customer due diligence (CDD) guidance for reporting entities with customers that are clubs and societies, co-operatives, and sole traders and partnerships. The updated documents are intended to help reporting entities understand the identification and verification requirements for these customer types and should be read alongside the beneficial ownership and enhanced customer due diligence guidelines. The release also highlights that the companies and partnerships guidance covers CDD expectations for nominee directors and nominee general partners, and includes separate guidance on acting on behalf of others and clarification of the supervisors’ position on the interpretation of a trust as a customer under the AML/CFT Act.
Department of Internal Affairs 2025-09-30
New Zealand's Department of Internal Affairs and co-supervisors publish updated customer due diligence guidance for clubs, co-operatives and sole traders
The Department of Internal Affairs, the Financial Markets Authority, and the Reserve Bank of New Zealand have issued updated customer due diligence (CDD) guidance for entities dealing with clubs, societies, co-operatives, sole traders, and partnerships. The guidance clarifies identification and verification requirements, addresses nominee directors and general partners, and provides insights on acting on behalf of others and interpreting trusts as customers under the Anti-Money Laundering and Countering Financing of Terrorism Act.